Three-Story Office Building with Waterfront
For Sale
Contact for pricing
815 South Palafox Street Suite 300, Pensacola, FL 32502
Three-story Class A office building is 100% leased to two long-term professional tenants with leases spanning since 2001.
Days on Market177
Property Features for 815 South Palafox Street Suite 300
General Information
Standard status
Active
Class
Class A
Property subtype
OFFICE
Occupancy
100%
Additional Details
Cap Rate
5.88%
Building Details
Year Built
1999
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
NAI TALCOR | Panama City Beach
(850) 814-5878
Listed By:
Patrick Jones · License ##SL3513905
(850) 814-5878
Source:
Moodyscre
Added: Feb 3
Changed: Jul 29
Last Checked: Jul 29 at 10:50PM
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 TALCOR | Panama City Beach
Investment Insights
Based on property information with market context.
The Palafox Icehouse is a three-story Class “A” office building offering stabilized tenancy along South Palafox Street in Downtown Pensacola. The building is 100% leased to Merrill Lynch, a tenant since 2001, and to Rafferty, Domnick, Cunningham & Yaffa, which executed a new five-year lease in 2024.
The property is positioned as a waterfront office asset with Palafox Street frontage, within an entertainment and business district that includes dining, retail, residential, and waterfront amenities. It provides walkable access to nearby marina, festivals, restaurants, and hospitality.
The rent roll has been maintained at almost 100% occupancy since the building was completed in 1999. The offering is described as a stabilized income-producing asset with a 5.88% cap rate based on the in-place leases.
The property is positioned as a waterfront office asset with Palafox Street frontage, within an entertainment and business district that includes dining, retail, residential, and waterfront amenities. It provides walkable access to nearby marina, festivals, restaurants, and hospitality.
The rent roll has been maintained at almost 100% occupancy since the building was completed in 1999. The offering is described as a stabilized income-producing asset with a 5.88% cap rate based on the in-place leases.
Key Highlights
- 100% leased office building to Merrill Lynch (12,255 RSF) and Rafferty, Domnick, Cunningham & Yaffa (6,739 RSF)
- Merrill Lynch tenancy since 2001, plus a new five‑year lease executed in 2024 for Rafferty, Domnick, Cunningham & Yaffa
- Stabilized in‑place occupancy maintained at almost 100% since building completion in 1999
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,189
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 building - Three-story Class A office building is 100% leased to two long-term professional tenants with leases spanning since 2001.
Where is this office building located?
The property is located at 815 South Palafox Street Suite 300 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: 100% leased office building to Merrill Lynch (12,255 RSF) and Rafferty, Domnick, Cunningham & Yaffa (6,739 RSF); Merrill Lynch tenancy since 2001, plus a new five‑year lease executed in 2024 for Rafferty, Domnick, Cunningham & Yaffa; Stabilized in‑place occupancy maintained at almost 100% since building completion in 1999
