Built-Out Office Suite with Triple-Net
For Sale
Contact for pricing
45 South 9th Avenue, Pensacola, FL 32502
Zoned GRD-1 and leased under triple-net through February 2028, this 1,944 SF suite features 12-foot ceilings.
Property Size1,944 SF
Lot Size0.09 Acres
Price / SF$450.10
Days on Market28
Property Features for 45 South 9th Avenue
General Information
Standard status
Active
Size
1,944 SF
Class
A
Lot size
0.09 Acres
Property subtype
Retail, Office, Mixed Use
Zoning
GRD-1
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Additional Details
Floor
1
Office Units
1
Building Details
Year Built
2005
Year Renovated
2020
Tenancy
Single
Construction
brick
Owner Occupied
No
Listing Agency:
NAI Pensacola
(850) 430-1503
Listed By:
William Kurnia · License #FL 3518294
Source:
Crexi
Added: Jul 27
Changed: Aug 13
Last Checked: Aug 22 at 5:51AM
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.
Suite A at 45 South 9th Avenue is a built-out office suite within a brick building constructed in 2005. The suite offers approximately 1,944 SF of commercial space with approximately 12-foot ceilings and a professionally appointed interior. The layout includes an expansive reception and work area, three semi-private offices, a conference room, dining and kitchen areas, a bar, and two restrooms. There is also access to the rear of the property, along with capped and readily accessible plumbing that supports flexibility for office, salon, wellness, medical aesthetic, boutique retail, design, or professional service uses.
The first floor is currently leased to R&R Restoration under a triple-net lease through February 2028, with renewal options.
The property sits on approximately 0.0872 acres and is zoned GRD-1, providing a distinctive, investor-friendly mixed-use asset with a refined, ready-to-occupy interior.
The first floor is currently leased to R&R Restoration under a triple-net lease through February 2028, with renewal options.
The property sits on approximately 0.0872 acres and is zoned GRD-1, providing a distinctive, investor-friendly mixed-use asset with a refined, ready-to-occupy interior.
Key Highlights
- Approximately 1,944 SF built‑out office suite with approximately 12‑foot ceilings
- First floor leased to R&R Restoration under triple‑net lease through February 2028 with renewal options
- Built in 2005 brick building with suite‑level reception, offices, conference room, bar, and two restrooms
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
$32,786
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
3.75%
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%
$655,720
$655.7K
Cap Rate 7%
$468,371
$468.4K
Cap Rate 9%
$364,289
$364.3K
Market Conditions
NOI Build-Up for 1,944 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
$48.8K $25.08/SF
− Vacancy
−$5.0K −$2.59/SF
EGI
$43.7K $22.49/SF
− OpEx
−$10.9K −$5.62/SF
NOI
$32.8K $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%
$655,720
Cap Rate 7%
$468,371
Cap Rate 9%
$364,289
Alternative Uses
Best Use
Office B
$468.4K
$409.8K – $546.4K
NOI $32,786 @ 7.0% cap · market cap 3.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$570.5K
$499.2K – $665.6K
NOI $39,938 @ 7.0% cap · market cap 4.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Explore this area
Business Placement
Demographics for 32502, FL
4,277
Population
2,582
Households
1.7
Avg Household Size
46
Median Age
36%
College-Educated
92%
High-School Grad
2.7 sq mi
ZIP Area
1,584
Density / Sq Mi
$67,548
Median Household Income
$41,011
Median Earnings
$1,313
Median Rent
$229,000
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?
Office units - Zoned GRD-1 and leased under triple-net through February 2028, this 1,944 SF suite features 12-foot ceilings.
Where is this office units located?
The property is located at 45 South 9th Avenue Pensacola, FL.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Approximately 1,944 SF built‑out office suite with approximately 12‑foot ceilings; First floor leased to R&R Restoration under triple‑net lease through February 2028 with renewal options; Built in 2005 brick building with suite‑level reception, offices, conference room, bar, and two restrooms
