Two-Story Storefront
For Sale
Contact for pricing
3009 E Cervantes St, Pensacola, FL 32503
Built in 1936, this two-story storefront property sits on an L-shaped parcel with frontage on East Cervantes Street and Knowles Avenue.
Property Size3,912 SF
Lot Size0.40 Acres
Price / SF$281.19
Days on Market42
Property Features for 3009 E Cervantes St
General Information
Standard status
Active
Size
3,912 SF
Lot size
0.40 Acres
Property subtype
RETAIL
Building Details
Year Built
1936
Buildings
1
Stories
2
Listing Agency:
NAI Pensacola
(850) 433-0577
Listed By:
DeeDee Davis, SIOR
(850) 380-6150
Source:
Moodyscre
Added: Jul 28
Changed: Aug 14
Last Checked: Sep 6 at 3:48PM
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 NAI Pensacola
Investment Insights
Based on property information with market context.
Built in 1936, this two-story storefront property is being offered for sale for the first time in approximately 40 years, as the longtime home of Weatherford’s. The building contains approximately 3,912 square feet, offering an identifiable, historic presence for retail or adaptive reuse opportunities.
The property sits on an approximately 0.4017-acre L-shaped parcel with frontage along East Cervantes Street and Knowles Avenue. Multiple points of orientation may support flexible access and parking layouts, subject to zoning and governmental approvals. It is prominently situated along East Cervantes Street, within Pensacola’s East Hill area, about five minutes northeast of Downtown Pensacola. The surrounding corridor includes longstanding local businesses such as Jerry’s Drive-In, New Yorker Deli & Pizzeria, Running Wild, Calvert’s in the Heights, Scenic 90 Café, Sir Richard’s Public House, and Aunt Katie’s.
The broader daytime trade area includes an estimated 2026 daytime population of approximately 111,391, with more than 76,000 employees and 6,574 businesses.
The property sits on an approximately 0.4017-acre L-shaped parcel with frontage along East Cervantes Street and Knowles Avenue. Multiple points of orientation may support flexible access and parking layouts, subject to zoning and governmental approvals. It is prominently situated along East Cervantes Street, within Pensacola’s East Hill area, about five minutes northeast of Downtown Pensacola. The surrounding corridor includes longstanding local businesses such as Jerry’s Drive-In, New Yorker Deli & Pizzeria, Running Wild, Calvert’s in the Heights, Scenic 90 Café, Sir Richard’s Public House, and Aunt Katie’s.
The broader daytime trade area includes an estimated 2026 daytime population of approximately 111,391, with more than 76,000 employees and 6,574 businesses.
Key Highlights
- Built in 1936; longtime home of Weatherford’s for approximately 40 years
- Two‑story building with approximately 3,912 square feet
- Approximately 0.4017‑acre L‑shaped parcel
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
$44,214
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
4.02%
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%
$884,280
$884.3K
Cap Rate 7%
$631,629
$631.6K
Cap Rate 9%
$491,267
$491.3K
Market Conditions
NOI Build-Up for 3,912 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
$70.4K $18.00/SF
− Vacancy
−$7.3K −$1.85/SF
EGI
$63.2K $16.15/SF
− OpEx
−$18.9K −$4.84/SF
NOI
$44.2K $11.30/SF
Area
Escambia County, FL
Vacancy
10.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$884,280
Cap Rate 7%
$631,629
Cap Rate 9%
$491,267
Alternative Uses
Best Use
Retail
$631.6K
$552.7K – $736.9K
NOI $44,214 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,368 @ 7.0% cap · market cap 7.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
248
Businesses Nearby
14k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 90%
Dining 10%
Circle K
Shops & Services
12,812 visits/mo
0.1 miles
Domino's Pizza
Dining
1,408 visits/mo
0.1 miles
Demographics for 32503, FL
33,693
Population
14,419
Households
2.3
Avg Household Size
36
Median Age
41%
College-Educated
94%
High-School Grad
12.6 sq mi
ZIP Area
2,674
Density / Sq Mi
$67,654
Median Household Income
$32,077
Median Earnings
$1,226
Median Rent
$270,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Built in 1936, this two-story storefront property sits on an L-shaped parcel with frontage on East Cervantes Street and Knowles Avenue.
Where is this storefront property located?
The property is located at 3009 E Cervantes St Pensacola, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Built in 1936; longtime home of Weatherford’s for approximately 40 years; Two‑story building with approximately 3,912 square feet; Approximately 0.4017‑acre L‑shaped parcel
