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    1301 Palafox St Pensacola, FL 32501

    Sponsored
    For Lease
    $26 SF/Yr

    Downtown Pensacola Office Space: Multiple Suites Available

    Lot size:
    45,955 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional three-story, Class B office building, totaling 45,955 square feet, presents a unique investment opportunity in Pensacola's vibrant Downtown submarket. Located at 1301 N Palafox St, this 2.31-acre property, situated in the historic North Hill area, occupies nearly an entire city block. Built in 1921 and extensively renovated in 2007, the building offers multiple tenancy options, with spaces ranging from 2,500 to a maximum contiguous 17,769 square feet. Currently, 24,560 square feet of space is available. The property is zoned PC-1 and benefits from significant recent capital improvements. The building's prime location on North Palafox Street, the northern gateway to downtown Pensacola, provides excellent visibility and accessibility. Qualified tenants may be eligible for attractive tenant improvement allowances. This is a rare opportunity to secure office space in a landmark building within a thriving downtown area. The property's size and location make it ideal for a variety of businesses seeking a prominent presence in Pensacola's historic district. Escambia County location and easy access to downtown amenities further enhance its appeal.

    Property Features for 1301 Palafox St

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    45,955 SF
    Class
    B
    Total Rate
    99569.17

    Building Details

    Year Built/Renovated
    1921/2007
    Buildings
    1
    Stories
    3

    Unit(s) available at that property

    Space
    2nd Floor
    Size
    4,291 SF
    Rate per SF
    $26
    Space
    Available Space
    Size
    2,500 SF
    Rate per SF
    $26
    Space
    Available Space
    Size
    17,769 SF
    Rate per SF
    $26

    HighLights

    • Abundant on‑site parking.
    • Generous tenant improvement allowances available.
    • Building features elevator service.
    • Secure building entry system.
    • Recent ownership change with significant capital improvements.
    • Professionally managed property.
    Property Profile Location Intelligence

    Current Use by Public Records

    CenterWell Home Health ... Home Health Care Service

    Suggested Use

    Realty agency Restaurant Law Firm Dental Office Spa & Massage Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Pensacola
    County
    Escambia
    State
    Florida
    Longitude
    -87.219081
    Latitude
    30.4265042

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    FAQs

    What type of property is this?
    Office Property / Space - Downtown Pensacola Office Space: Multiple Suites Available
    Where is this office property / space located?
    The property is located at 1301 Palafox St Pensacola, FL.
    What is the lease rate?
    The lease rate is $26 SF/Yr.
    What are key features of this property?
    This property features: Abundant on-site parking.; Generous tenant improvement allowances available.; Building features elevator service.
    Request Owner's contact information
    1301 Palafox St Pensacola, FL 32501
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1301 Palafox St Pensacola, FL 32501
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