Pensacola Palafox Street Investment
For Sale
$9,700,000
815 South Palafox St., Pensacola, FL 32505
Iconic 21,720 SF waterfront property in downtown Pensacola.
Property Size18,994 SF
Price / SF$446.59
Days on Market328
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Property Features for 815 South Palafox St.
General Information
Standard status
Active
Size
18,994 SF
Class
A
Property subtype
Office
Building Details
Building Size
18,994 SF
Year Built
1999
Listed By:
Patrick Jones, SIOR
(850) 814-5878
Source:
Naiglobal
Added: Nov 21, 2025
Changed: Oct 10
Last Checked: Oct 14 at 9:55PM
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 Patrick Jones, SIOR
Investment Insights
Based on property information with market context.
The Palafox Icehouse, a three-story property located along the waterfront in downtown Pensacola's entertainment and business district, presents a rare investment opportunity. This property combines industrial character with a location along one of the city's sought-after corridors, surrounded by restaurants, retail, entertainment, and residential developments. The property is currently leased to two long-term finance and legal tenants with over 15 years of occupancy, with approximately 36 months remaining on existing leases. The property is located on South Palafox in the heart of the city, offering excellent visibility with strong foot traffic and a professional presence. The 21,720 square foot space is suitable for office, retail, or professional services. The location in a thriving Gulf Coast market with continued growth and a prestigious South Palafox address enhances tenant appeal. The Phillips Portfolio represents an opportunity to invest in one of America's growth markets. The Portfolio includes an inventory of 42 high-value assets across Northwest Florida, including residential, commercial, and industrial assets. Structured with current income-producing, in-process development parcels and greenfield land opportunities, the Phillips Portfolio offers above-market return opportunities across the immediate, medium, and long-term investment horizons.
Key Highlights
- Prime downtown Pensacola waterfront location in the heart of the entertainment and business district.
- Income‑producing property with long‑term tenants (finance and legal) and existing leases.
- High visibility with strong foot traffic and a professional presence on South Palafox.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$366,309
Cap Rate
3.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,326,180
$7.3M
Cap Rate 7%
$5,232,986
$5.2M
Cap Rate 9%
$4,070,100
$4.1M
Market Conditions
NOI Build-Up for 21,720 SF
Gross rent
$544.7K $25.08/SF
− Vacancy
−$56.3K −$2.59/SF
EGI
$488.4K $22.49/SF
− OpEx
−$122.1K −$5.62/SF
NOI
$366.3K $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%
$7,326,180
Cap Rate 7%
$5,232,986
Cap Rate 9%
$4,070,100
Alternative Uses
Best Use
Office B
$5.23M
$4.58M – $6.11M
NOI $366,309 @ 7.0% cap · market cap 3.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.37M
$5.58M – $7.44M
NOI $446,217 @ 7.0% cap · market cap 4.60%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,189
Businesses Nearby
Explore this area
Business Placement
Demographics for 32505, FL
28,671
Population
12,278
Households
2.3
Avg Household Size
36
Median Age
14%
College-Educated
82%
High-School Grad
13.0 sq mi
ZIP Area
2,205
Density / Sq Mi
$41,039
Median Household Income
$27,950
Median Earnings
$1,053
Median Rent
$120,300
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 - Iconic 21,720 SF waterfront property in downtown Pensacola.
Where is this office building located?
The property is located at 815 South Palafox St. Pensacola, FL.
What is the asking price?
The asking price for this property is $9,700,000.
What are key features of this property?
This property features: Prime downtown Pensacola waterfront location in the heart of the entertainment and business district.; Income‑producing property with long‑term tenants (finance and legal) and existing leases.; High visibility with strong foot traffic and a professional presence on South Palafox.
