Renovated Flex Space with
For Sale
Contact for pricing
3120 N Davis Hwy, Pensacola, FL 32503
C-3-zoned commercial property with climate-controlled workspace and office improvements.
Property Size5,718 SF
Price / SF$150.40
Days on Market8
Property Features for 3120 N Davis Hwy
General Information
Standard status
Active
Size
5,718 SF
Property subtype
OFFICE
Zoning
C-3
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Additional Details
Drive-In Doors
1
Amenities
Security camera system
Access control system
Audio system
Building Details
Year Built
1964
Year Renovated
2019
Buildings
1
Building Size
5,718 SF
Listing Agency:
Stirling | Pensacola
(850) 602-3447
Listed By:
Alec Purser
(850) 602-3447
Source:
Moodyscre
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 11 at 1:06PM
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 Stirling | Pensacola
Investment Insights
Based on property information with market context.
This 5,718 SF flex property combines office and operational space within a building constructed in 1964 and renovated in 2019. The office area includes 10 private offices, an executive office or conference room, and a reception area. Conditioned flex space is served by an 8’6” x 12’ roll-up door, supporting light warehouse or service functions.
Security and communications improvements include controlled entry, surveillance cameras, perimeter fencing, and audio wiring throughout the offices and hallways. Each office has individual volume controls, while the warehouse area is pre-wired for future speaker installation. The parking lot has been newly paved and striped.
The property fronts N Davis Highway in Pensacola and provides access to Interstate 110. C-3 zoning and the combination of office and flex areas support office, office-warehouse, and other commercial applications identified for the property.
Security and communications improvements include controlled entry, surveillance cameras, perimeter fencing, and audio wiring throughout the offices and hallways. Each office has individual volume controls, while the warehouse area is pre-wired for future speaker installation. The parking lot has been newly paved and striped.
The property fronts N Davis Highway in Pensacola and provides access to Interstate 110. C-3 zoning and the combination of office and flex areas support office, office-warehouse, and other commercial applications identified for the property.
Key Highlights
- 5,718 SF building constructed in 1964 and extensively renovated in 2019
- 10 private offices plus an executive office or conference room and reception area
- Conditioned flex space with an 8’6” x 12’ grade‑level roll‑up door
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
$64,782
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
7.53%
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%
$1,295,640
$1.3M
Cap Rate 7%
$925,457
$925.5K
Cap Rate 9%
$719,800
$719.8K
Market Conditions
NOI Build-Up for 5,718 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
$111.2K $19.44/SF
− Vacancy
−$11.5K −$2.01/SF
EGI
$99.7K $17.43/SF
− OpEx
−$34.9K −$6.10/SF
NOI
$64.8K $11.33/SF
Area
Escambia County, FL
Vacancy
10.34%
Lease Rate
$19.44 /SF/Yr
Expense Ratio
35.00%
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%
$1,295,640
Cap Rate 7%
$925,457
Cap Rate 9%
$719,800
Alternative Uses
Best Use
Office B
$1.38M
$1.21M – $1.61M
NOI $96,434 @ 7.0% cap · market cap 11.21%
Second Best
Flex RnD
$925.5K
$809.8K – $1.08M
NOI $64,782 @ 7.0% cap · market cap 7.53%
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,471 @ 7.0% cap · market cap 13.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
508
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Portabello Market — 3001 N 9th Ave, Pensacola, FL 32503
- Costal Cajun Cuisine — 4024 N Davis Hwy, Pensacola, FL 32503
Frequently Asked Questions
What type of property is this?
Flex space - C-3-zoned commercial property with climate-controlled workspace and office improvements.
Where is this flex space located?
The property is located at 3120 N Davis Hwy Pensacola, FL.
What is the asking price?
The asking price for this property is $860,000.
What are key features of this property?
This property features: 5,718 SF building constructed in 1964 and extensively renovated in 2019; 10 private offices plus an executive office or conference room and reception area; Conditioned flex space with an 8’6” x 12’ grade‑level roll‑up door
