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Icehouse 815 Palafox St 18,994 SF 100% Leased Office Building Pensacola, FL 32502 $13,375,718 CAD ($704.21 CAD/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
$13,375,718 CAD
Price Per SF
$704.21 CAD
Cap Rate
5.88%
NOI
$786,378 CAD
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 and later became part of Bank of America, evolving from an investment banking business into a wealth management and brokerage firm. Merrill offers brokerage, investment advisory, and financial planning services for individuals and families, with digital and advisor-supported options available across its platform. The company also provides retirement and benefit services, along with private wealth management programs designed for clients with more complex planning needs. Merrill remains a financial services brand focused on investing solutions, advisory support, and client relationship services within Bank of America's broader wealth management business.
- Stevenson Klotz
- Professional, Scientific, and Technical Services
- -
- -
- -
- -
- Troy Rafferty Law Firm
- Professional, Scientific, and Technical Services
- -
- $44.13 CAD
- 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 | - | $44.13 CAD | 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 | $2,605,591 CAD |
| Land Assessment | $1,019,591 CAD | Total Assessment | $3,625,183 CAD |
Property Taxes
Parcel Number
00-0S-00-9100-050-050
Land Assessment
$1,019,591 CAD
Improvements Assessment
$2,605,591 CAD
Total Assessment
$3,625,183 CAD
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Icehouse | 815 Palafox St
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