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.
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.
Features
Building and Construction
Covered Spaces: 0.00
Living Area: 0.00
School Information
High School: Other
Middle School: Bailey
School Elementary: Hellen Caro
Garage and Parking
Garage Spaces: 0.00
Open Parking Spaces: 0.00
Utilities
Carport Spaces: 0.00
Finance and Tax Information
Home Owners Association Fee: 0.00
Insurance Expense: 0.00
Net Operating Income: 0.00
Other Expense: 0.00
Pet Deposit: 0.00
Security Deposit: 0.00
Trash Expense: 0.00
Other Features
Legal Description: LEASED TO PALAFOX ICEHOUSE PARTNERS BEG AT NW COR OF LT 1 BLK 34 WATERFRONT S 10 DEG 34 MIN 11 SEC E ALG WLY LI OF BLK 34 & EXTEN THEREOF 257 FT N 78 DEG 25 MIN 49 SEC E 8 12/100 FT N 79 DEG 23 MIN 15 SEC E 117 FT S 10 DEG 36 MIN 48 SEC E 642 43/100 FT N 79 DEG 29 MIN 51 SEC E 78 49/100 FT FOR POB CONT N 79 DEG 29 MIN 51 SEC E 212 FT S 10 DEG 37 MIN 31 SEC E 520 29/100 FT S 79 DEG 29 MIN 22 SEC W
New Listings & Price Reduction Updates sent directly to your email
Create Your Own Property Search saved for your return visit.
"Like" Listings and Create a Favorites List
* NOTICE: By creating your free profile, you authorize us to send you periodic emails about new listings that match your saved searches and related real estate information.If you provide your telephone number, you are giving us permission to call you in response to this request, even if this phone number is in the State and/or National Do Not Call Registry.
Apply Now
