Two-Story Mixed-Use
For Sale
Contact for pricing
45 South 9th Avenue, Pensacola, FL 32514
Commercial space with a leased first floor and an upper-level residence connected by elevator access.
Property Size4,510 SF
Price / SF$410.20
Days on Market58
Property Features for 45 South 9th Avenue
General Information
Standard status
Active
Size
4,510 SF
Class
A
Elevators
Yes
Property subtype
Retail, Office, Mixed Use
Zoning
GRD-1
Occupancy
50%
Lease Type
NNN
Amenities
elevator
balconies
patio
green space
Building Details
Year Built
2005
Buildings
1
Stories
2
Units
2
Tenancy
Single
Construction
brick
Owner Occupied
No
Listing Agency:
NAI Pensacola
Listed By:
DeeDee Davis · License #FL 3037624
(850) 430-1503
Source:
Crexi
Added: Jul 27
Changed: Sep 9
Last Checked: Sep 21 at 6:46AM
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.
This 4,510-square-foot mixed-use building, completed in 2005, combines commercial space on the first floor with a residential unit above. The first-floor area is leased to R&R Restoration under a triple-net lease through February 2028 and includes renewal options. Its layout features approximately 12-foot ceilings, reception and work areas, three semi-private offices, a conference room, kitchen and dining areas, a bar, two restrooms, and rear access. Capped plumbing remains accessible from the property's prior salon use.
The approximately 2,000-square-foot upper residence includes elevator service, an open great room with 12-foot ceilings, a kitchen with granite countertops and stainless steel appliances, two bedrooms, two full baths, and a flex room. Both bedrooms open to private balconies, and the primary suite includes two walk-in closets and double vanities. Enclosed outdoor space includes brick walls, green space, and an open patio. The property is zoned GRD-1 and located at 45 South 9th Avenue in Pensacola, Florida.
The approximately 2,000-square-foot upper residence includes elevator service, an open great room with 12-foot ceilings, a kitchen with granite countertops and stainless steel appliances, two bedrooms, two full baths, and a flex room. Both bedrooms open to private balconies, and the primary suite includes two walk-in closets and double vanities. Enclosed outdoor space includes brick walls, green space, and an open patio. The property is zoned GRD-1 and located at 45 South 9th Avenue in Pensacola, Florida.
Key Highlights
- 4,510‑square‑foot mixed‑use building completed in 2005
- First‑floor R&R Restoration lease runs through February 2028 with renewal options
- Approximately 2,000‑square‑foot upper residence with elevator access
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
$76,061
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
4.11%
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%
$1,521,220
$1.5M
Cap Rate 7%
$1,086,586
$1.1M
Cap Rate 9%
$845,122
$845.1K
Market Conditions
NOI Build-Up for 4,510 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
$113.1K $25.08/SF
− Vacancy
−$11.7K −$2.59/SF
EGI
$101.4K $22.49/SF
− OpEx
−$25.4K −$5.62/SF
NOI
$76.1K $16.87/SF
Area
Escambia County, FL
Vacancy
10.34%
Lease Rate
$25.08 /SF/Yr
Expense Ratio
25.00%
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%
$1,521,220
Cap Rate 7%
$1,086,586
Cap Rate 9%
$845,122
Alternative Uses
Best Use
Office B
$1.09M
$950.8K – $1.27M
NOI $76,061 @ 7.0% cap · market cap 4.11%
Second Best
Mixed Use
$765.4K
$669.7K – $893.0K
NOI $53,579 @ 7.0% cap · market cap 2.90%
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,654 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Explore this area
Business Placement
Demographics for 32514, FL
40,844
Population
19,117
Households
2.1
Avg Household Size
39
Median Age
33%
College-Educated
91%
High-School Grad
19.8 sq mi
ZIP Area
2,063
Density / Sq Mi
$66,484
Median Household Income
$36,178
Median Earnings
$1,358
Median Rent
$241,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space with a leased first floor and an upper-level residence connected by elevator access.
Where is this mixed-use property located?
The property is located at 45 South 9th Avenue Pensacola, FL.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 4,510‑square‑foot mixed‑use building completed in 2005; First‑floor R&R Restoration lease runs through February 2028 with renewal options; Approximately 2,000‑square‑foot upper residence with elevator access
