Spacious Office Building Near
For Sale
Contact for pricing
900 Garden Gate Cir, Pensacola, FL 32504
Well-planned office building with high-end finishes near hospitals.
Property Size3,800 SF
Price / SF$250
Days on Market844
Property Features for 900 Garden Gate Cir
General Information
Standard status
Active
Size
3,800 SF
Class
A
Total Parking Spaces
17
Property subtype
Office
Zoning
R - 2
Occupancy
100%
Building Details
Year Built
1998
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Connell & Company
Listed By:
Theo Baars · License #FL 3236746
(850) 982-3030
Source:
Crexi
Added: May 29, 2024
Changed: Sep 16
Last Checked: Sep 19 at 5:46AM
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 Connell & Company
Investment Insights
Based on property information with market context.
This well-maintained, spacious office building features high-end finishes and is conveniently located near hospitals and the international airport, with accessibility to major thoroughfares and proximity to an I-110 interchange (approximately one half-mile). The 3,800 square foot building includes six 15' x 15' offices, each featuring 9' ceilings, custom built-in bookshelves, and a window to the outside. The layout comprises a large waiting area with vaulted ceilings rising to 14', a spacious conference room/meeting space, four ADA-compliant bathrooms, a large administrative space including an office manager's office, a kitchen, and a walk-in storage closet. Interior flooring consists of commercial-grade, noise-dampening carpeting in the offices and hallways, with tile in the waiting room, kitchen, and wet areas. The interior doors are solid core with high-end hardware. The exterior is nicely appointed with a wide roof overhang covering a 5' sidewalk around the building. The water heater was replaced in 2017, the roof in 2019, and both AC units have been replaced since 2019. The commercial-grade carpet was replaced in 2021. A security system and an irrigation system are in place.
Key Highlights
- Convenient location near hospitals, international airport, and I‑110 interchange.
- Six private offices (15' x 15') feature 9' ceilings, built‑in bookshelves, and windows.
- Spacious conference room/meeting space and large admin area with office manager's office.
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
$64,087
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
6.75%
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%
$1,281,740
$1.3M
Cap Rate 7%
$915,529
$915.5K
Cap Rate 9%
$712,078
$712.1K
Market Conditions
NOI Build-Up for 3,800 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
$95.3K $25.08/SF
− Vacancy
−$9.9K −$2.59/SF
EGI
$85.4K $22.49/SF
− OpEx
−$21.4K −$5.62/SF
NOI
$64.1K $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%
$1,281,740
Cap Rate 7%
$915,529
Cap Rate 9%
$712,078
Alternative Uses
Best Use
Office B
$915.5K
$801.1K – $1.07M
NOI $64,087 @ 7.0% cap · market cap 6.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$975.8K – $1.30M
NOI $78,067 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,971
Businesses Nearby
Explore this area
Business Placement
Demographics for 32504, FL
21,791
Population
10,436
Households
2.1
Avg Household Size
43
Median Age
41%
College-Educated
92%
High-School Grad
10.5 sq mi
ZIP Area
2,075
Density / Sq Mi
$74,067
Median Household Income
$41,990
Median Earnings
$1,257
Median Rent
$242,400
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Well-planned office building with high-end finishes near hospitals.
Where is this office building located?
The property is located at 900 Garden Gate Cir Pensacola, FL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Convenient location near hospitals, international airport, and I‑110 interchange.; Six private offices (15' x 15') feature 9' ceilings, built‑in bookshelves, and windows.; Spacious conference room/meeting space and large admin area with office manager's office.
