Historic Office Building with
For Sale
Contact for pricing
245 E Intendencia St, Pensacola, FL 32502
Two-story historic office building with original heart pine floors, fireplaces, and handicap-accessible entry plus 15+ surface parking spaces.
Property Size2,479 SF
Lot Size0.34 Acres
Price / SF$574.83
Days on Market171
Property Features for 245 E Intendencia St
General Information
Standard status
Active
Size
2,479 SF
Class
B
Total Parking Spaces
15
Lot size
0.34 Acres
Property subtype
Office
Zoning
HC-1, HISTORICAL COMMERCIAL
Occupancy
100%
Investment Type
Net Lease
Additional Details
Clear Height
12 ft
Building Details
Year Built
1872
Year Renovated
1975
Buildings
1
Stories
2
Units
1
Listing Agency:
G Jeff White realty group LLC
Listed By:
Jeff White · License #FL BK147454
(850) 712-6003
Source:
Crexi
Added: Mar 21
Changed: Aug 23
Last Checked: Sep 1 at 2:49AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of G Jeff White realty group LLC
Investment Insights
Based on property information with market context.
The Apostle House is a two-story historic structure built in 1872 and thoughtfully updated for modern commercial use. The building offers multiple rooms across two levels, along with a kitchen area. Interior character includes original heart pine floors, decorative fireplaces, and 12-foot ceilings, creating a distinctive environment for professional offices or boutique operations. A handicap-accessible ramp provides convenient access.
The property includes more than 15 surface parking spaces and is zoned HC-1. It is located in Pensacola’s Seville Historic District, within walking distance of downtown Pensacola dining, retail, and cultural attractions, with connectivity to major thoroughfares and the waterfront.
The building is currently leased through December 2026.
The property includes more than 15 surface parking spaces and is zoned HC-1. It is located in Pensacola’s Seville Historic District, within walking distance of downtown Pensacola dining, retail, and cultural attractions, with connectivity to major thoroughfares and the waterfront.
The building is currently leased through December 2026.
Key Highlights
- Historic two‑story building built in 1872 in Pensacola’s Seville Historic District
- Approx. 2,479 SF on a 0.34‑acre lot with 15+ surface parking spaces
- HC‑1 zoning supporting a range of commercial uses and potential residential conversion
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$41,808
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$836,160
$836.2K
Cap Rate 7%
$597,257
$597.3K
Cap Rate 9%
$464,533
$464.5K
Market Conditions
NOI Build-Up for 2,479 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$62.2K $25.08/SF
− Vacancy
−$6.4K −$2.59/SF
EGI
$55.7K $22.49/SF
− OpEx
−$13.9K −$5.62/SF
NOI
$41.8K $16.87/SF
Area
Escambia County, FL
Vacancy
10.34%
Lease Rate
$25.08 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$836,160
Cap Rate 7%
$597,257
Cap Rate 9%
$464,533
Alternative Uses
Best Use
Office B
$597.3K
$522.6K – $696.8K
NOI $41,808 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$727.6K
$636.6K – $848.8K
NOI $50,929 @ 7.0% cap · market cap 3.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
Location Intelligence
Trade Area within ½ mile
2,943
Businesses Nearby
Explore this area
Business Placement
Demographics for 32502, FL
4,277
Population
2,582
Households
1.7
Avg Household Size
46
Median Age
36%
College-Educated
92%
High-School Grad
2.7 sq mi
ZIP Area
1,584
Density / Sq Mi
$67,548
Median Household Income
$41,011
Median Earnings
$1,313
Median Rent
$229,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story historic office building with original heart pine floors, fireplaces, and handicap-accessible entry plus 15+ surface parking spaces.
Where is this office building located?
The property is located at 245 E Intendencia St Pensacola, FL.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: Historic two‑story building built in 1872 in Pensacola’s Seville Historic District; Approx. 2,479 SF on a 0.34‑acre lot with 15+ surface parking spaces; HC‑1 zoning supporting a range of commercial uses and potential residential conversion
