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Icehouse 815 Palafox St 18,994 SF 100% Leased Office Building Pensacola, FL 32502 $9,700,000 ($510.69/SF) 5.88% Cap Rate
Investment Highlights
- Prime Waterfront Location in Pensacola’s downtown core, offering irreplaceable views within the city’s entertainment and business district
- Stabilized, Income-Producing Asset — 100% leased to two long-term professional tenants
- Limited Downtown Office Supply supporting strong occupancy levels and long-term rental stability
- Premier Palafox Street Frontage along the most sought-after commercial corridor, surrounded by vibrant dining, retail, and residential growth
- Attractive In-Place Yield — Offered at a 5.88% cap rate with stable downtown office income
- Historic, Class A Office Building with character-rich architecture, complemented by a walkable waterfront setting and near-full occupancy since 1999
Executive Summary
The Palafox Icehouse represents a rare opportunity to acquire a premier waterfront office asset in the heart of Downtown Pensacola. Positioned along the city’s most prestigious commercial corridor, the property offers unmatched Palafox Street frontage and sweeping waterfront views within a vibrant, walkable environment. Surrounded by Pensacola’s finest dining, retail, cultural, and hospitality destinations, the building delivers a compelling blend of accessibility and prestige.
This historic, character-rich, three-story Class A building is fully stabilized, 100% leased to two long-term professional tenants. Merrill Lynch occupies 12,255 RSF, maintaining its presence since 2001, while law firm Rafferty, Domnick, Cunningham & Yaffa recently executed a five-year lease in 2024 for 6,739 RSF. Investors benefit from immediate in-place income with an attractive 5.88% cap rate, supported by limited office supply in a thriving downtown market that underscores strong occupancy and rental resilience.
The Palafox Icehouse sits within a high-growth coastal city experiencing continued population and business expansion, combined with significant downtown revitalization. With direct access to marinas, festivals, fine dining, and the thriving waterfront lifestyle, this asset is uniquely positioned to provide stable returns and long-term appreciation.
This historic, character-rich, three-story Class A building is fully stabilized, 100% leased to two long-term professional tenants. Merrill Lynch occupies 12,255 RSF, maintaining its presence since 2001, while law firm Rafferty, Domnick, Cunningham & Yaffa recently executed a five-year lease in 2024 for 6,739 RSF. Investors benefit from immediate in-place income with an attractive 5.88% cap rate, supported by limited office supply in a thriving downtown market that underscores strong occupancy and rental resilience.
The Palafox Icehouse sits within a high-growth coastal city experiencing continued population and business expansion, combined with significant downtown revitalization. With direct access to marinas, festivals, fine dining, and the thriving waterfront lifestyle, this asset is uniquely positioned to provide stable returns and long-term appreciation.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
18,994 SF
Building Class
B
Year Built
1999
Price
$9,700,000
Price Per SF
$510.69
Cap Rate
5.88%
NOI
$570,277
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
6,331 SF
Slab To Slab
10’
Building FAR
1.18
Lot Size
0.37 AC
Zoning
SPBD - South Palafox Business District
Amenities
- 24 Hour Access
- Waterfront
- Central Heating
- Air Conditioning
- Balcony
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Bill Donahue Financial Advisor
- Finance and Insurance
- -
- -
- -
- -
- Blue Water Rarites
- Public Administration
- -
- -
- -
- -
- Central Logistics Management LLC
- Professional, Scientific, and Technical Services
- -
- -
- -
- -
- Historical Preservation Society
- Arts, Entertainment, and Recreation
- -
- -
- -
- -
-
- Finance and Insurance
- -
- -
- -
- -
Merrill began in 1914 as Merrill Lynch, Pierce, Fenner & Smith Incorporated and later became part of Bank of America. The business focuses on wealth management and investment advisory services, with offerings that include personalized investing, retirement accounts, banking products, lending solutions, insurance, and wealth planning. Merrill supports clients through digital investing tools and separate service lines such as Merrill Private Wealth Management and Merrill Edge, covering both advisor-led and self-directed investing. The firm serves individuals and families seeking help with managing assets, building portfolios, and planning for long-term financial goals.
- Stevenson Klotz
- Professional, Scientific, and Technical Services
- -
- -
- -
- -
- Troy Rafferty Law Firm
- Professional, Scientific, and Technical Services
- -
- $32.00
- Triple Net
- Dec 2029
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Bill Donahue Financial Advisor | Finance and Insurance | - | - | - | - | |
| Blue Water Rarites | Public Administration | - | - | - | - | |
| Central Logistics Management LLC | Professional, Scientific, and Technical Services | - | - | - | - | |
| Historical Preservation Society | Arts, Entertainment, and Recreation | - | - | - | - | |
|
|
Finance and Insurance | - | - | - | - | |
| Stevenson Klotz | Professional, Scientific, and Technical Services | - | - | - | - | |
| Troy Rafferty Law Firm | Professional, Scientific, and Technical Services | - | $32.00 | Triple Net | Dec 2029 |
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 00-0S-00-9100-050-050 | Improvements Assessment | $1,883,197 |
| Land Assessment | $736,912 | Total Assessment | $2,620,109 |
Property Taxes
Parcel Number
00-0S-00-9100-050-050
Land Assessment
$736,912
Improvements Assessment
$1,883,197
Total Assessment
$2,620,109
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