New search
Property profile & analytics
FOR LEASE
Community centers
2400 W Michigan Ave, Pensacola, FL 32526
Entity Owned
1-yr Hold
Free & Clear
Property ID
US18-6089380
For Lease
$1,600,000
2400 W Michigan Ave, Pensacola, FL 32526
View Listing →
Property summary
AI-generated overview
Westgate Village, a newly renovated 30,000 square foot commercial center in Pensacola, Florida, offers versatile office and retail spaces. Located at 2400 W Michigan Ave, this Class B property boasts 20 suites, with sizes ranging from 750 to 3,000 contiguous square feet, perfect for businesses seeking flexible options. Recently updated in 2024, the property features fresh paint, new landscaping, improved lighting, and ample parking. Its convenient location on Michigan Avenue, between Mobile Highway and Highway 29, ensures high visibility and accessibility. The property is zoned COM by Escambia County and is currently under new ownership and management, promising a welcoming and professional environment. Multiple tenancy options are available, making it ideal for a variety of businesses. A new monument sign is forthcoming, further enhancing the property's curb appeal. Currently, four spaces are immediately available. This is an excellent opportunity for businesses seeking a modern, well-maintained space in a prime Pensacola location.
Property profile
Verified
Property type
Community centers
Use group
MINI-MALL
Year built
1985
Construction
WOOD
Total area
8,150 SF
Lot
2.42 ac (105,415 SF)
Zoning code
COM
APN
43-1S-30-1101-004-001
UPID
US18-6089380
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Fresco Recording Services Recording Studio
-
Westgate Village Business Service Center Corporate Office
-
Vital Care Life Insurance Agency Insurance Agency
-
Harmonic Learning Education and Training Training Center Tutoring Service
-
US Post Office Post Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.60M
CAP Approach
CAP
$1.50M
Comparable Approach
Comparable
$1.90M
Blend (final)
Blend
$1.60M
Owner & transaction history
Westgate Plaza Partners LLC · 1 yrs held
Westgate Plaza Partners LLC
since 2024
Last sale
$1.6M
2 recorded transactions
Zoning & alternative use
COM · Pensacola, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$2.6M
+102.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Pensacola submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Pensacola submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,600,000
ML approach
$1,600,000
CAP Approach
CAP Return
Estimation
6%
$1,625,000
6.5%
$1,500,000
7%
$1,390,000
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$1,255,000
Current use
RESTAURANT
$2,550,000
Change: +103% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,145,000
Change: -9% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,115,000
Change: -11% · Conversion: Easy
OFFICE BUILDING
$1,110,000
Change: -12% · Conversion: Moderate
RETAIL STORES
$1,035,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$1.60M
Range $1.44M – $1.76M · ±10% · vs last sale $1.60M (Jun 5 2024)
Last sale anchor
$1.60M
Jun 5 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$196 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$20,898
Tax year 2023
Assessed value
$1,457,751
Assessed 2023
Previous assessed
$1,457,751
+0.0% YoY
Effective rate
1.43%
On assessed value
Land market value
$290,400
Improvement market value
$1,167,351
Total market value
$1,457,751
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Community centers
Use group
MINI-MALL
Status
For Lease
Year built
1985
Construction
WOOD
Heating
CENTRAL
Cooling
CENTRAL
Buildings
4
Stories
1
Bathrooms
20
Total area
8,150 SF
Lot
2.42 ac (105,415 SF)
Zoning code
COM
APN
43-1S-30-1101-004-001
UPID
US18-6089380
Jurisdiction
ESCAMBIA
Zoning & alternative use
COM · Pensacola, FL
Zoning COM · permitted uses
COM · Pensacola, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Pensacola. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$1.3M
RESTAURANT
Est. value
$2.6M
AUTO REPAIR, GARAGE
Est. value
$1.1M
COMMERCIAL (GENERAL)
Est. value
$1.1M
OFFICE BUILDING
Est. value
$1.1M
RETAIL STORES
Est. value
$1.0M
NEIGHBORHOOD: SHOPPING CENTER Current
RESTAURANT
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
OFFICE BUILDING
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1985
Construction
WOOD
Heating
CENTRAL
Cooling
Yes
Stories
1
Buildings
4
Bathrooms
20
Lot
2.42 ac
Current owner
From public records · entity-resolved
Westgate Plaza Partners LLC
Entity
Free & Clear · 1 yrs held
Mailing address
560 LINCOLN RD STE #204, MIAMI BEACH, FL 33139-2906
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 25, 2024
—
Westgate Plaza Partners LLC
Westgate Village
Deed
related
—
Jun 5, 2024
$1,600,000
Westgate Plaza Partners LLC
Westgate Village
Special Warranty Deed
$1,705,500 · Pfg Fund II LLC
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
