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    Pensacola Development Site on Hwy 98 Title is generated by Realmo AI

    Hwy 98 & Blue Angel Pkwy, Pensacola, FL 32506

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    Prime 85-acre development site in the heart of Pensacola.

    Type:Commercial/Multifamily Land
    Added:
    Nov 21, 2025
    Days on Market:
    194
    Last Refresh:
    May 8 at 8:03 pm

    Property Features for Hwy 98 & Blue Angel Pkwy

    General Information

    Standard status
    Active
    Property subtype
    Commercial/Multifamily Land

    We can help!

    Listing Contact
    Harry Bell Jr.
    Harry Bell Jr.

    Listing agent Harry Bell Jr. License #AL #000078384-1

    Listing office Bellcore Commercial LLC

    Listing date Nov 21, 2025

    Source Bellcorecommercial

    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

    HighLights

    • Prime +/- 85‑acre development site in the heart of the booming Pensacola, Florida MSA.
    • Located at the signaled intersection of Blue Angel Pkwy and Hwy 98, offering high visibility and accessibility.
    • Close proximity to core retail trade area, airport, hospital, University of West Florida, NAS Pensacola, and Whiting Field Naval Base.
    • Near popular tourist beach destinations: Perdido Key, Pensacola Beach, Gulf Breeze, and Navarre Beach.
    • Strong economy and tourism have fueled housing and retail demand.
    • Owner will consider subdividing the northern portion of the property.

    Overview

    Available is a prime +/- 85-acre development site located in Pensacola, Florida. The property comprises several parcels situated on the north side of Hwy 98, specifically at the signaled intersection of Blue Angel Pkwy and Hwy 98. Centrally positioned within the Pensacola MSA, the site benefits from its proximity to the core retail trade area, the airport, hospital, University of West Florida, NAS Pensacola, Whiting Field Naval Base, and tourist beach destinations including Perdido Key, Pensacola Beach, Gulf Breeze, and Navarre Beach. The owner is open to subdividing the northern portion as indicated on the aerial, with breakout pricing available. The seller retains the billboard leases and mineral rights, if any. Pensacola's market has experienced growth due to high population growth and strong median income, which has fueled housing and retail demand. The government maintains a substantial presence in the metro, with over 23,000 military and civilian personnel employed at NAS Pensacola, located just miles from the site. This presents a rare opportunity to acquire one of the best undeveloped sites in Northwest Florida.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Pensacola
    County
    Escambia
    State
    Florida
    Longitude
    -87.3545
    Latitude
    30.3948

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    FAQs

    What type of property is this?
    Land - Prime 85-acre development site in the heart of Pensacola.
    Where is this land located?
    The property is located at Hwy 98 & Blue Angel Pkwy Pensacola, FL.
    What are key features of this property?
    This property features: Prime +/- 85‑acre development site in the heart of the booming Pensacola, Florida MSA.; Located at the signaled intersection of Blue Angel Pkwy and Hwy 98, offering high visibility and accessibility.; Close proximity to core retail trade area, airport, hospital, University of West Florida, NAS Pensacola, and Whiting Field Naval Base.
    (850) 240-0527
    We can help!
    Listing Contact
    Harry Bell Jr.
    Harry Bell Jr.
    Real Estate License ID: AL #000078384-1
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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.

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