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    3119 N Davis Hwy Pensacola, FL 32503

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    NNN leased retail property with strong tenants in Pensacola, Florida.

    Property size:
    6,566 SF
    Lot size:
    1.26 Acres

    Property Features for 3119 N Davis Hwy

    General Information

    Standard status
    Active
    Size
    6,566 SF
    Lot size
    1.26 Acres

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    Listing Contact
    Jason Donald
    Source: Crexi

    Listing Agency: Franklin Street Tampa Listing Agent: Jason Donald

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Pensacola Retail Investment Opportunity

    Located at 3119 N Davis Hwy, Pensacola, FL 32503, this 6,566 square foot building, renovated in 2021, sits on a 1.26-acre lot with 30 dedicated parking spaces. The property is strategically positioned at a signalized hard corner on N Davis Highway and E Texar Drive, offering excellent accessibility and visibility. It provides direct connectivity to Interstate 110 and is minutes from Interstate 10, enhancing regional access. Traffic counts surrounding the site include 63,000 VPD on I‑110, 38,500 VPD on E Fairfield Dr, 10,600 VPD on N Davis Hwy, and 9,100 VPD on E Texar Dr. The property is currently occupied by Trulieve (primary tenant; NNN) and DocMJ (medical marijuana clinic; net lease) under an absolute NNN lease structure, where the tenant is responsible for taxes, insurance, utilities, repairs, and maintenance. The rent commenced on September 1, 2021, with a remaining term of 9+ years, expiring on August 31, 2033. The lease includes two 5‑year options with 2% annual base rent escalations. The annual base rent for 2025–2026 is $190,639. The ownership is fee simple, delivered free & clear of debt. Trulieve has 233 nationwide locations, with 162 in Florida and approximately 48% market share, with 2024 revenue of $1.2B, GAAP Gross Profit of $716M, and EBITDA of $420M. The surrounding area within a 3-mile radius has a 2025 population of 64,784, a daytime population of 78,474, and 25,586 households with an average household income of $97,844 and a median age of 37.2. Pensacola has a diverse population and a significant military presence, with strong employment anchors in aerospace, defense, healthcare, cybersecurity, and manufacturing. Major institutions include Naval Air Station Pensacola, University of West Florida, Pensacola State College, and Pensacola Christian College. The city offers tourism and cultural attractions such as Historic Pensacola Village, the National Naval Aviation Museum, Pensacola Lighthouse, and a vibrant downtown corridor along Palafox Street.
    Location Intelligence

    Current Use by Public Records

    Trulieve Pensacola Dispensary (Bike/Boat/Book/etc) Store Gulftech Fire Protection ... Production Facility DocMJ Medical Clinic

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Pensacola
    County
    Escambia
    State
    Florida
    Longitude
    -87.2162154
    Latitude
    30.4465949

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    FAQs

    What type of property is this?
    Retail space - NNN leased retail property with strong tenants in Pensacola, Florida.
    Where is this retail space located?
    The property is located at 3119 N Davis Hwy Pensacola, FL.
    What are key features of this property?
    This property features: - Absolute NNN Lease Structure: Enjoy a truly passive income stream.; - **Strong Tenant:** Leased to Trulieve, a leading national cannabis company.; - **Long-Term Lease:** Over 9 years remaining, plus two 5-year options with annual rent increases.
    Request Owner's contact information
    3119 N Davis Hwy Pensacola, FL 32503
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3119 N Davis Hwy Pensacola, FL 32503
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    Listing Contact
    Jason Donald
    Real Estate License ID: SL706745
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