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    Modern Office Building Investment Opportunity Title is generated by Realmo AI

    510 Corday St, Pensacola, FL 32503

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    For Sale
    $1,090,000

    Two-story Pensacola office building near hospitals and I-10.

    Type:Office
    Property size:
    4,616 SF
    Price / SF:
    $236/SF
    Added:
    Jan 27, 2026
    Days on Market:
    129
    Last Refresh:
    Apr 5 at 8:16 pm

    Property Features for 510 Corday St

    General Information

    Standard status
    Active
    Size
    4,616 SF
    Property subtype
    Office

    Building Details

    Year Built
    2000

    We can help!

    Listing Contact
    Robert Bell
    Robert Bell

    Listing agent Robert Bell License #FL #SL698346

    Listing office Bellcore Commercial LLC

    Listing date Jan 27, 2026

    Source Bellcorecommercial

    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 Bellcore Commercial LLC

    HighLights

    • Prime location with immediate access to I‑10, providing excellent regional connectivity.
    • Close proximity to Baptist Hospital and Ascension Sacred Heart Hospital, ideal for medical or professional tenants.
    • Versatile 4,616 SF two‑story building constructed in 2000, suitable for single or multi‑department use.
    • Zoned HDMU, offering flexible usage options.
    • Located in the rapidly growing Pensacola market with a strong economy and tourism.
    • Proximity to major employers including NAS Pensacola, University of West Florida, and tourist destinations.

    Overview

    Located at 510 Corday St in Pensacola, FL, this modern two-story office building, constructed in 2000, offers 4,616 SF of versatile space suitable for single or multi-department use. The property is zoned HDMU and provides immediate access to I-10 for regional connectivity. Its location is just minutes away from both Baptist Hospital and Ascension Sacred Heart Hospital, making it a compelling location for medical or professional office use. Pensacola is located on Florida’s Gulf Coast near the Florida/Alabama state line. The Pensacola market has experienced explosive growth in recent years due to the high population growth and strong median income. The strong economy and tourism have fueled the housing and retail demand in Pensacola over recent years. The government has a substantial presence in the metro, with more than 23,000 military and civilian personnel employed at NAS Pensacola, located just miles from the site. The property is in close proximity to the core retail trade area, the airport, hospital, University of West Florida, NAS Pensacola, Whiting Field Naval Base, and tourist beach destinations such as Perdido Key, Pensacola Beach, Gulf Breeze, and Navarre Beach.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $115.8k $25.08
    − Vacancy −$12.0k −$2.59
    EGI $103.8k $22.49
    − OpEx −$25.9k −$5.62
    NOI $77.8k $16.87
    4,616 SF · lease $25.08/SF/yr · vacancy 10.34% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $1.11M
    $973.1K – $1.30M (±1% cap)
    NOI $77,849 @ 7.0% cap · market cap 7.14%
    Second Best
    Healthcare Medical
    $889.7K
    $778.5K – $1.04M (±1% cap)
    NOI $62,279 @ 7.0% cap · market cap 5.71%
    Theoretical Best
    Office A
    $1.35M
    $1.19M – $1.58M (±1% cap)
    NOI $94,831 @ 7.0% cap · market cap 8.70%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Comprehensive Pain Medicine Physician Dr. Stewart Z. ... Physician Cartia Craig C ... Physician Chipman Jr Donald ... Physician Interventional Rehabilitation Medical Clinic

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Pensacola
    County
    Escambia
    State
    Florida
    Longitude
    -87.2242
    Latitude
    30.472

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    FAQs

    What type of property is this?
    Office building - Two-story Pensacola office building near hospitals and I-10.
    Where is this office building located?
    The property is located at 510 Corday St Pensacola, FL.
    What is the asking price?
    The asking price for this property is $1,090,000.
    What are key features of this property?
    This property features: Prime location with immediate access to I‑10, providing excellent regional connectivity.; Close proximity to Baptist Hospital and Ascension Sacred Heart Hospital, ideal for medical or professional tenants.; Versatile 4,616 SF two‑story building constructed in 2000, suitable for single or multi‑department use.
    (850) 434-3434
    We can help!
    Listing Contact
    Robert Bell
    Robert Bell
    Real Estate License ID: FL #SL698346
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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.

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