Corner Lot Business Office
For Sale
Contact for pricing
304 W Cervantes St, Pensacola, FL 32501
Business office with corner-lot access, two entrances, and parking areas, plus renovation and roof update.
Property Size1,599 SF
Price / SF$265.79
Days on Market175
Property Features for 304 W Cervantes St
General Information
Standard status
Active
Size
1,599 SF
Property subtype
OFFICE
Zoning
PR-2
Additional Details
Road Access
Yes
Building Details
Year Renovated
2000
Listing Agency:
Berkshire Hathaway Home Services PenFed Realty
(850) 485-2665
Listed By:
Frasier Phelps
(850) 485-2665
Source:
Moodyscre
Added: Feb 9
Changed: Jul 25
Last Checked: Aug 2 at 11:49AM
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 Berkshire Hathaway Home Services PenFed Realty
Investment Insights
Based on property information with market context.
This property is currently utilized as a business office and is configured as a house-style building with flexible layout potential. It can also be adapted into a multi-family setup, including a 2BR/1.5BA unit and a 1BR/1BA unit, or a combination that suits the buyer’s plan.
The property underwent a major renovation in 2000, including a 1,000-square-foot addition built on a built-up slab, and received an update in 2018 that included a new roof. Zoned PR-2 North Hill Preservation Multiple-Family District, the site sits on a corner lot with easy ingress/egress, featuring two parking areas and two entrances—one off Cervantes St and one off Barcelona St.
With the existing office use, substantial renovation history, and two separate access points, this is a practical option for an owner looking to maintain office operations while evaluating residential and rental configurations.
The property underwent a major renovation in 2000, including a 1,000-square-foot addition built on a built-up slab, and received an update in 2018 that included a new roof. Zoned PR-2 North Hill Preservation Multiple-Family District, the site sits on a corner lot with easy ingress/egress, featuring two parking areas and two entrances—one off Cervantes St and one off Barcelona St.
With the existing office use, substantial renovation history, and two separate access points, this is a practical option for an owner looking to maintain office operations while evaluating residential and rental configurations.
Key Highlights
- Corner‑lot business office with easy ingress/egress, 2 parking areas, and 2 entrances (off Cervantes St and off Barcelona St).
- Zoned PR‑2 North Hill Preservation Multiple‑Family District.
- Previously renovated: major 1000 SF addition on built‑up slab in 2000, with an update in 2018 including a new roof.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.1k | $25.08 |
| − Vacancy | −$4.1k | −$2.59 |
| EGI | $36.0k | $22.49 |
| − OpEx | −$9.0k | −$5.62 |
| NOI | $27.0k | $16.87 |
1,599 SF · lease $25.08/SF/yr · vacancy 10.34% · expense 25.00%
Alternative Uses
Best Use
Office B
$385.2K
$337.1K – $449.5K
NOI $26,967 @ 7.0% cap · market cap 6.35%
Second Best
Multifamily LT 5
$224.8K
$196.7K – $262.3K
NOI $15,737 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$469.3K
$410.6K – $547.5K
NOI $32,850 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,552
Businesses Nearby
Explore this area
Business Placement
Demographics for 32501, FL
10,960
Population
5,505
Households
2
Avg Household Size
41
Median Age
30%
College-Educated
86%
High-School Grad
3.7 sq mi
ZIP Area
2,962
Density / Sq Mi
$39,127
Median Household Income
$31,312
Median Earnings
$964
Median Rent
$277,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Business office with corner-lot access, two entrances, and parking areas, plus renovation and roof update.
Where is this office units located?
The property is located at 304 W Cervantes St Pensacola, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Corner‑lot business office with easy ingress/egress, 2 parking areas, and 2 entrances (off Cervantes St and off Barcelona St).; Zoned PR‑2 North Hill Preservation Multiple‑Family District.; Previously renovated: major 1000 SF addition on built‑up slab in 2000, with an update in 2018 including a new roof.
