Modern Office Building Investment
For Sale
$1,090,000
510 Corday St, Pensacola, FL 32503
Two-story Pensacola office building near hospitals and I-10.
Property Size4,616 SF
Price / SF$236.14
Days on Market266
Property Features for 510 Corday St
General Information
Standard status
Active
Size
4,616 SF
Class
B
Property subtype
Office
Building Details
Building Size
4,616 SF
Year Built
2000
Listing Agency:
Bellcore Commercial
Listed By:
Robert Bell · License #FL #SL698346
(850) 232-2587
Source:
Bellcorecommercial
Added: Jan 27
Changed: Oct 16
Last Checked: Oct 19 at 5:32AM
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
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Investment Insights
Based on property information with market context.
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.
Key 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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$77,849
Cap Rate
7.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,556,980
$1.6M
Cap Rate 7%
$1,112,129
$1.1M
Cap Rate 9%
$864,989
$865.0K
Market Conditions
NOI Build-Up for 4,616 SF
Gross rent
$115.8K $25.08/SF
− Vacancy
−$12.0K −$2.59/SF
EGI
$103.8K $22.49/SF
− OpEx
−$25.9K −$5.62/SF
NOI
$77.8K $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 Rate 5%
$1,556,980
Cap Rate 7%
$1,112,129
Cap Rate 9%
$864,989
Alternative Uses
Best Use
Office B
$1.11M
$973.1K – $1.30M
NOI $77,849 @ 7.0% cap · market cap 7.14%
Second Best
Healthcare Medical
$889.7K
$778.5K – $1.04M
NOI $62,279 @ 7.0% cap · market cap 5.71%
Theoretical Best
Office A
$1.35M
$1.19M – $1.58M
NOI $94,831 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,620
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
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.
