815 S Palafox Street

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.