Pensacola Retail Investment
3119 N Davis Hwy, Pensacola, FL 32503
For Sale
Contact for pricing
NNN leased retail property with strong tenants in Pensacola, Florida.
Property Size6,566 SF
Lot Size1.26 Acres
Price / SF$362.93
Days on Market283
Property Features for 3119 N Davis Hwy
General Information
Standard status
Size
Class
Total Parking Spaces
Lot size
Property subtype
Occupancy
Lease Type
Investment Type
Net Operating Income
Building Details
Year Renovated
Tenancy
Listing Agency:
Franklin Street Tampa
Listed By:
Jason Donald · License FL SL706745
(813) 204-5329
Source:
Crexi
Added: Feb 3
Changed: Sep 3
Last Checked: Aug 14 at 7:24AM
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 Franklin Street Tampa
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
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.
Key Highlights
- 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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$74,210
Cap Rate
3.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,484,200
$1.5M
Cap Rate 7%
$1,060,143
$1.1M
Cap Rate 9%
$824,556
$824.6K
Market Conditions
NOI Build-Up for 6,566 SF
Gross rent
$118.2K $18.00/SF
− Vacancy
−$12.2K −$1.85/SF
EGI
$106.0K $16.15/SF
− OpEx
−$31.8K −$4.84/SF
NOI
$74.2K $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 Rate 5%
$1,484,200
Cap Rate 7%
$1,060,143
Cap Rate 9%
$824,556
Alternative Uses
Best Use
Retail
$1.06M
$927.6K – $1.24M
NOI $74,210 @ 7.0% cap · market cap 3.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.93M
$1.69M – $2.25M
NOI $134,892 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
569
Businesses Nearby
478
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Extra Space Storage
Shops & Services
478 visits/mo
0.5 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Properties on Market for Retail space in Pensacola
Vacancy Rate% for Retail in South region
Frequently Asked Questions
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 is the asking price?
The asking price for this property is $2,382,988.
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.
