Pensacola Office Building For
For Sale
$899,000
511 Phyllis St, Pensacola, FL 32503
Well-maintained 3,524 SF office building in thriving Pensacola, Florida market.
Property Size3,524 SF
Lot Size0.47 Acres
Price / SF$255.11
Days on Market201
Property Features for 511 Phyllis St
General Information
Standard status
Active
Size
3,524 SF
Class
B
Lot size
0.47 Acres
Property subtype
Office
Building Details
Building Size
3,524 SF
Year Built
2000
Listing Agency:
Bellcore Commercial LLC
(850) 232-2587
Listed By:
Robert Bell · License #FL #SL698346
(850) 232-2587
Source:
Bellcorecommercial
Added: Jan 27
Changed: Aug 8
Last Checked: Aug 8 at 6:04AM
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
Investment Insights
Based on property information with market context.
This well-maintained Class B office building offers a prime opportunity for an owner-user or investor in the thriving Pensacola, Florida market. The single-story facility, situated on a 0.466-acre parcel, provides a functional layout ideal for professional, administrative, or medical office use. The 3,524 SF office building is located just minutes from Baptist Hospital, Ascension Sacred Heart Hospital, and Interstate I-10, offering excellent accessibility and visibility in the heart of Pensacola’s growing commercial corridor. 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. The property features easy ingress/egress with high visibility and signage potential and is in move-in-ready condition with minimal renovation required.
Key Highlights
- Prime location in Pensacola's growing commercial corridor with excellent access and visibility near major thoroughfares.
- Well‑maintained, move‑in‑ready 3,524 SF Class B office building suitable for owner‑user or investor.
- Close proximity to Baptist Hospital, Ascension Sacred Heart Hospital, and Interstate I‑10.
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
$59,432
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
6.61%
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%
$1,188,640
$1.2M
Cap Rate 7%
$849,029
$849.0K
Cap Rate 9%
$660,356
$660.4K
Market Conditions
NOI Build-Up for 3,524 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
$88.4K $25.08/SF
− Vacancy
−$9.1K −$2.59/SF
EGI
$79.2K $22.49/SF
− OpEx
−$19.8K −$5.62/SF
NOI
$59.4K $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%
$1,188,640
Cap Rate 7%
$849,029
Cap Rate 9%
$660,356
Alternative Uses
Best Use
Office B
$849.0K
$742.9K – $990.5K
NOI $59,432 @ 7.0% cap · market cap 6.61%
Second Best
Healthcare Medical
$679.2K
$594.3K – $792.4K
NOI $47,546 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$1.03M
$905.0K – $1.21M
NOI $72,397 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 building - Well-maintained 3,524 SF office building in thriving Pensacola, Florida market.
Where is this office building located?
The property is located at 511 Phyllis St Pensacola, FL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Prime location in Pensacola's growing commercial corridor with excellent access and visibility near major thoroughfares.; Well‑maintained, move‑in‑ready 3,524 SF Class B office building suitable for owner‑user or investor.; Close proximity to Baptist Hospital, Ascension Sacred Heart Hospital, and Interstate I‑10.
