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    24 W Chase St Pensacola, FL 32502
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    24 W Chase St Pensacola, FL 32502

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    • Office buildings
    • 11,791 SF
    • 0.46 lot acres
    For Lease
    $4,077 /Mo
    View Listing →
    2,072 SF Downtown Office Suite For Lease (Floor 2, Suite 200) For Lease
    $4,077 /Mo

    2,072 SF Downtown Office Suite For Lease (Floor 2, Suite 200)

    2,072 SF Downtown Office Suite For Lease (Floor 2, Suite 200)

    24 W Chase St, Pensacola, FL 32502
    View Listing
    Property ID
    US18-4793194
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • NAI Pensacola / Property Management Company / Office Space Rental Agency
    • Vertical Market Software / (Bike/Boat/Book/etc) Store / Corporate Office
    • Griffing Properties, Inc. / Real Estate Agency
    • Tradewinds Title Company / Title Company
    • Pensacola Real Estate by Florida's Top Properties Eric Milstead Realtor / Real Estate Agency

    Property Details for 24 W Chase St

    Year built
    1950
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.46 lot acres
    Property size
    11,791 SF
    Zone code
    C-2A
    Property type
    Office buildings
    APN
    00-0S-00-9007-010-037
    APU
    000S009007010037

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,481,000
      Market price range: $1.06M - $2.50M
      AI Estimate
      $1,481,000
      Market price range: $1.06M - $2.50M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,920,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $1,820,000
      Change: -5% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,660,000
      Change: -14% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,610,000
      Change: -16% Conversion: Easy

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Pensacola
    County
    Escambia
    State
    Florida
    Longitude
    -87.2167
    Latitude
    30.4144
    CBSA code
    37860
    CBSA name
    PENSACOLA-FERRY PASS-BRENT, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $22,839
    $0.00
    $0.00
    $1,166,485
    -
    $185,472
    $1,046,972
    $1,232,444

    Comparable in this City

    • Value Estimation
      $885,000
      5,342 SF

      119 Palafox St

      OFFICE BUILDING • 5,342 SF
      119 Palafox St, Pensacola, FL 32502-4838
      View Details
    • Value Estimation
      $3,255,000
      21,829 SF

      449 Main St

      OFFICE BUILDING • 21,829 SF
      449 Main St, Pensacola, FL 32502-5591
      View Details
    • Value Estimation
      $3,340,000
      15,859 SF

      151 Main St

      OFFICE BUILDING • 15,859 SF
      151 Main St, Pensacola, FL 32502-5711
      View Details
    • Value Estimation
      $620,000
      2,920 SF

      323 Romana St

      OFFICE BUILDING • 2,920 SF
      323 Romana St, Pensacola, FL 32502-6026
      View Details
    • Value Estimation
      $645,000
      3,552 SF

      312 Alcaniz St

      OFFICE BUILDING • 3,552 SF
      312 Alcaniz St, Pensacola, FL 32502-6013
      View Details
    • Value Estimation
      $14,180,000
      95,068 SF

      316 Baylen St

      OFFICE BUILDING • 95,068 SF
      316 Baylen St, Pensacola, FL 32502-5900
      View Details

    Similar Nearby for Sale

    • Contact for pricing

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      Two-story office building in downtown Pensacola with multi-tenant potential.
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      View Details
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      4,405 SF

      Downtown Pensacola Office Complex

      Historic Palafox Street, lucrative investment.
      216 - 220 Palafox Pl, Pensacola, FL 32502
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    • $815,000

      Historic Downtown Pensacola Office Building

      Rare historic property in downtown Pensacola's Historic District.
      417 E Zarragossa St, Pensacola, FL 32502
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      69,213 SF

      Downtown Pensacola Class A Office

      Premier waterfront office building with scenic views in downtown Pensacola.
      25 W Cedar St, Pensacola, FL 32502
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    • $3,690,000
      15,696 SF

      Downtown Pensacola Office Building

      Prime location, multi-tenant potential, 15,696 SF.
      1 S A St, Pensacola, FL 32502
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    Similar Nearby for Lease

    • $750 /Mo
      136 SF

      Downtown Pensacola Office Suite

      136 sq ft office, $750/month, utilities included.
      700 S Palafox St, Pensacola, FL 32502
      View Details
    • $750 /Mo
      500 SF

      Prime Pensacola Office Suites

      Downtown Pensacola executive offices, 500 sq ft.
      212 W Intendencia St, Pensacola, FL 32502
      View Details
    • Contact for pricing

      Premier Class A Office Building

      Class A office space in Pensacola CBD with water views.
      125 W Romana St, Pensacola, FL 32502
      View Details
    • $30 SF/Yr
      2,578 SF

      Prime Pensacola Office Space Available

      Modern 2,578 SF Office in Downtown Pensacola
      350 W cedar street, Pensacola, FL 32502
      View Details
    • $21 SF/Yr
      5,970 SF

      Prime Pensacola Office Space

      5970 SF Office, East Garden District, FL
      102 E Garden St, Pensacola, FL 32502
      View Details
    • $28 SF/Yr
      4,629 SF

      Pensacola Office Space For Lease

      Modern Pensacola office suite, flexible space.
      220 West Garden St, Pensacola, FL 32502
      View Details
    View Listing
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    Pensacola, FL 32502
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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
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