14
See all 14 photos
$9,700,000
Est. payment /mo
21,720 SqFt
Active
815 S Palafox ST Pensacola, FL 32502
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 21,720 sqft
Price per Sqft $446
Subdivision No Named Subdivision
MLS Listing ID 780409
HOA Y/N No
Year Built 1999
Lot Size 0.370 Acres
Acres 0.37
Property Description
The Palafox Icehouse offers a rare opportunity to acquire a stabilized, waterfront asset in the heart of Downtown Pensacola at a 5.88% cap rate, backed by long-term, credit-quality tenancy and irreplaceable Palafox Street frontage. The three-story iconic building is 100% leased to Merrill Lynch, a tenant since 2001, and Rafferty, Domnick, Cunningham & Yaffa, which recently executed a new five-year lease in 2024. Investors benefit from immediate cash flow with built-in upside through future rent growth or strategic repositioning. Located within a supply-constrained, high-growth coastal market surrounded by dining, retail, residential, and waterfront amenities, the asset offers durable income today and long-term appreciation potential.
Prime Waterfront Location in the heart of Downtown Pensacola's entertainment and business district with irreplaceable views.
Iconic Palafox Street Frontage along the city's most desirable commercial corridor, surrounded by dining, retail, and residential development.
Stabilized, Income-Producing Asset -- 100% leased to two long-term professional tenants; Merrill Lynch (12,255 RSF) -- tenant since 2001 and Rafferty, Domnick, Cunningham & Yaffa (6,739 RSF) -- new 5-year lease executed in 2024
Attractive In-Place Yield -- Offered at a 5.88% cap rate with stable downtown office income.
Limited Downtown Office Supply supports long-term occupancy and rental stability.
Historic, Character-Rich Building -- Three-story Class 'A' office building enhances market appeal and tenant retention.
Walkable Waterfront Environment with immediate access to marina, festivals, restaurants, and hospitality.
Located in a Growing Coastal Market benefiting from population growth and continued downtown revitalization.
Rent Roll maintained almost 100% occupancy since building completed in 1999.
Prime Waterfront Location in the heart of Downtown Pensacola's entertainment and business district with irreplaceable views.
Iconic Palafox Street Frontage along the city's most desirable commercial corridor, surrounded by dining, retail, and residential development.
Stabilized, Income-Producing Asset -- 100% leased to two long-term professional tenants; Merrill Lynch (12,255 RSF) -- tenant since 2001 and Rafferty, Domnick, Cunningham & Yaffa (6,739 RSF) -- new 5-year lease executed in 2024
Attractive In-Place Yield -- Offered at a 5.88% cap rate with stable downtown office income.
Limited Downtown Office Supply supports long-term occupancy and rental stability.
Historic, Character-Rich Building -- Three-story Class 'A' office building enhances market appeal and tenant retention.
Walkable Waterfront Environment with immediate access to marina, festivals, restaurants, and hospitality.
Located in a Growing Coastal Market benefiting from population growth and continued downtown revitalization.
Rent Roll maintained almost 100% occupancy since building completed in 1999.
Location
State FL
County Escambia
Area 13 - Escambia County
Interior
Fireplace No
Exterior
Waterfront Description Bayfront,Gulf Access
Water Access Desc Bayfront,Gulf Access
Private Pool No
Building
Story 3
Entry Level Three Or More
Level or Stories Three Or More
Schools
Elementary Schools Hellen Caro
Middle Schools Bailey
High Schools Other
Others
Tax ID 00-0S-0091-0005-0050
Listed by NAI TALCOR
NEARBY SCHOOL & BUSINESS
GET MORE INFORMATION