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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 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.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
18,994 SF
Building Class
A
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
7,240 SF
Slab To Slab
10’
Building FAR
1.18
Lot Size
0.37 AC
Zoning
SPBD
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 in New York as Charles E. Merrill & Co. and later became part of Bank of America, where the business now operates as an investment and wealth management division. The company serves high and ultra-high-net-worth individuals, families, and businesses through advisor relationships that combine personalized investing strategies with access to Bank of America capabilities. Its services span financial planning, retirement, insurance, trust and tax-aware strategies, alternative investments for qualifying clients, banking and lending support, and digital tools for managing client balances and research needs.
- 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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Icehouse | 815 Palafox St
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