100% Leased Investment Property

Office for Sale
Catylist Listing ID: 30010143
Property Subtypes: Net Leased, Office Building
Building Size (RSF): 20,014 SF
Gross Land Area: 1.46 Acres
Sale Price: $2,850,000
Unit Price: $142.40 PSF
Property Use Type: Net Leased Investment (NNN)
Building Name: The Palafox Building
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 10.0%
Average Occupancy Rate: 100
Last Updated: 8/14/2018

Overview / Comments

Fully leased 20,014 SF office building located in the downtown business corridor. Current tenants include Children's Home Society and Cook's Pest Control. Building completely renovated in 2004. Roof upgraded and sealed with a commercial ER Systems waterproof coating in 2016, includes a 10 year warranty. Contact listing agents for Confidentiality Agreement.

Current Tenants

Tenant Business Name Cook's Pest Control
Is Renting? Yes
Lease Expiration 6/2021
Tenant Business Name Children's Home Society
Lease Expiration 12/2020

Additional Details

Nearest MSA: Pensacola-Ferry Pass-Brent
County: Escambia
Taxing Authority: Escambia County
Tax ID/APN: 000S009010001164
Zoning: R-NC
Property Located Between: Lloyd and Lee Street
Highway Access: Hwy 90, US 90, I-110
Airports: Pensacola Airport
Area Description: Property is located in Pensacola's downtown business district on Palafox Street, Five blocks north of Cervantes. Quick access to Hwy 90, US 29, I-110.
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1955
Year Renovated: 2004
Roof Type: Flat
Construction/Siding: Brick, Stucco
Parking Type: Surface
Parking Description: Paved
Total Parking Spaces: 56
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Cable, DSL
Zoning Description: R-NC
Lot Frontage: 200
Lot Depth: 400
Water Service: Municipal
Sewer Type: Municipal
Legal Description: 000S009010001164 - Full Legal Description BEG AT SW COR OF BLK 164 N 205 FT E 275 FT S 155 FT E 125 FT S 50 FT W ALG S LI OF BLK TO SW COR POB OR 7211 P 572 CA 78

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,755 61,051 140,429
Median Age: 39.25 39.32 37.94
Households: 3,888 25,603 55,092
The information presented herein is provided as is, without warranty of any kind. Neither Gulf Coast CMLS nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.