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2515-2517 Cervantes St 6,800 SF 43% Leased Retail Building Pensacola, FL 32505 $559,000 ($82.21/SF) 10.73% Cap Rate
Executive Summary
Great site near downtown Pensacola on Cervantes Street for retail or restaurant. One unit is leased out to a Nail Shop on a 5 year lease paying $2500/mth. Potential income of a minimum of $2500/mth for the other side. Open floorplan with high ceilings and lots of lighting from windows
Current owner started remodeling the East side for a restaurant. Some plumbing and framing has been done, but needs to be completed. Some roofing repairs needed, and build-out needed, thus the aggressive pricing for such a large building.
Large parking lot to the east of the building is also included with the property. It can fit approx. 25 cars. Some employee parking can be allowed behind the building in the fenced in back yard.
Schedule a tour of this versatile building today.
Current owner started remodeling the East side for a restaurant. Some plumbing and framing has been done, but needs to be completed. Some roofing repairs needed, and build-out needed, thus the aggressive pricing for such a large building.
Large parking lot to the east of the building is also included with the property. It can fit approx. 25 cars. Some employee parking can be allowed behind the building in the fenced in back yard.
Schedule a tour of this versatile building today.
Property Facts Under Contract
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront
Building Size
6,800 SF
Building Class
C
Year Built/Renovated
1923/2010
Price
$559,000
Price Per SF
$82.21
Cap Rate
10.73%
NOI
$60,000
Percent Leased
43%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.32
Lot Size
0.49 AC
Opportunity Zone
Yes
Zoning
C-3 - Commercial : City Zoning - C-3
Parking
12 Spaces (3.5 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Signalized Intersection
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 00-0S-00-9060-005-195 | Improvements Assessment | $229,480 |
| Land Assessment | $75,307 | Total Assessment | $304,787 |
Property Taxes
Parcel Number
00-0S-00-9060-005-195
Land Assessment
$75,307
Improvements Assessment
$229,480
Total Assessment
$304,787
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Matterport 3D Tour
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Street View
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Map
Contact the Sale Advisor
2515-2517 Cervantes St