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Ascension Sacred Heart 4501-4551 Davis Hwy 31,633 SF 100% Leased Office Building Pensacola, FL 32503 $14,856,579 CAD ($469.65 CAD/SF) 6.50% Cap Rate
Investment Highlights
- Modified net lease with 3% annual rent increases providing predictable income growth
- ~$500K in recent ownership capital improvements, reducing near-term CapEx exposure
- Mission-critical ±31,600 SF orthopedic campus with 48 exam rooms and nearly 30 providers
- Recently extended lease through May 2031 with annual increases doubled from 1.5% to 3.0%
- ~$800K invested by Ascension in recent interior renovations, reinforcing commitment to the location
- Located in Pensacola’s primary medical corridor, less than two miles from Ascension Sacred Heart and Baptist hospitals
Executive Summary
Matthews™ is pleased to exclusively present the opportunity to acquire a ±31,633-square-foot outpatient medical campus leased to Ascension Sacred Heart Health System, the leading healthcare provider in Northwest Florida and a subsidiary of Ascension. The Property consists of three buildings dedicated to orthopedic and musculoskeletal care within Pensacola’s primary healthcare corridor.
The investment is secured by a recently extended lease through May 2031 with 3% annual rental increases, providing attractive contractual rent growth and stable cash flow through a modified net lease structure.
Ownership has invested approximately $500,000 in recent capital improvements, including roof replacements, HVAC upgrades, fire protection enhancements, and parking lot resurfacing. Ascension has also invested approximately $750,000–$800,000 into the renovation of Building 4551, reducing near-term capital requirements and reinforcing its commitment to the campus.
Located less than two miles from Ascension Sacred Heart Hospital and the new Baptist Hospital campus, the Property serves as a key orthopedic and specialty outpatient location with approximately 48 exam rooms and nearly 30 providers, creating a highly strategic facility that would be costly and operationally disruptive to replicate.
The investment is secured by a recently extended lease through May 2031 with 3% annual rental increases, providing attractive contractual rent growth and stable cash flow through a modified net lease structure.
Ownership has invested approximately $500,000 in recent capital improvements, including roof replacements, HVAC upgrades, fire protection enhancements, and parking lot resurfacing. Ascension has also invested approximately $750,000–$800,000 into the renovation of Building 4551, reducing near-term capital requirements and reinforcing its commitment to the campus.
Located less than two miles from Ascension Sacred Heart Hospital and the new Baptist Hospital campus, the Property serves as a key orthopedic and specialty outpatient location with approximately 48 exam rooms and nearly 30 providers, creating a highly strategic facility that would be costly and operationally disruptive to replicate.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Building Size
31,633 SF
Building Class
A
Year Built/Renovated
1989/2005
Price
$14,856,579 CAD
Price Per SF
$469.65 CAD
Cap Rate
6.50%
NOI
$965,679 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
31,633 SF
Slab To Slab
11’
Building FAR
14.52
Lot Size
0.05 AC
Opportunity Zone
Yes
Zoning
C-3
Parking
350 Spaces (4.34 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Bus Line
- Signage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Andrew Charles Gygi Jr.
- -
- -
- -
- -
- -
- Ascension
- Health Care and Social Assistance
- -
- -
- Triple Net
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Andrew Charles Gygi Jr. | - | - | - | - | - | |
| Ascension | Health Care and Social Assistance | - | - | Triple Net | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $6,875,060 CAD | |
| Land Assessment | $1,441,286 CAD | Total Assessment | $8,316,346 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$1,441,286 CAD
Improvements Assessment
$6,875,060 CAD
Total Assessment
$8,316,346 CAD
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Ascension Sacred Heart | 4501-4551 Davis Hwy
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