815 S Palafox Street, Pensacola, FL 32502
$9,700,000
Property Type:
Commercial for Sale
Square Footage:
21,720
Lot Size (sq. ft.):
16,117
Status:
Active
Current Price:
$9,700,000
List Date:
10/15/2025
Last Modified:
4/17/2026
Listing Details MLS# 780409
Contract Info
- List Price/SqFt
- 446.59
- Sub-Type
- Income Producing
Location
- Area
- 13 – Escambia County
- Street #
- 815
- Street Direction
- S
- Street Name
- Palafox
- Street Suffix
- Street
- State
- FL
- Zip Code
- 32502
- County
- Escambia
- Sub Area
- 1302 – Escambia – Pensacola
- Subdivision
- No Named Subdivision
- Community/Resort
- None
- Waterfront
- Yes
- Parcel ID
- 00-0S-0091-0005-0050
- Elementary School
- Hellen Caro
- Middle School
- Bailey
- High School
- Other
- Directions
- 815 S. Palafox Street is located in downtown Pensacola. From I-10, take Exit 10 onto US-90 East, follow it to N. Palafox Street, and head south through Garden Street into the S. Palafox corridor where the property will be on your right.
- Legal Description
- LEASED TO PALAFOX ICEHOUSE PARTNERS BEG AT NW COR OF LT 1 BLK 34 WATERFRONT S 10 DEG 34 MIN 11 SEC E ALG WLY LI OF BLK 34 & EXTEN THEREOF 257 FT N 78 DEG 25 MIN 49 SEC E 8 12/100 FT N 79 DEG 23 MIN 15 SEC E 117 FT S 10 DEG 36 MIN 48 SEC E 642 43/100 FT N 79 DEG 29 MIN 51 SEC E 78 49/100 FT FOR POB CONT N 79 DEG 29 MIN 51 SEC E 212 FT S 10 DEG 37 MIN 31 SEC E 520 29/100 FT S 79 DEG 29 MIN 22 SEC W
General Property Info
- List Class
- Commercial
- Immediate Occupancy
- No
- Construction Status
- Construction Complete
- # of Units
- 3
- SqFt Unit
- 7240
- # of Stories in Building
- 3
- Acreage
- 0.37
- SqFt Tot Bldg
- 21720
- Year Built
- 1999
Listing Info, Tax and Legal
- HOA Fee
- No
Remarks & Misc
- Remarks
- 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. Prime Waterfront Location in the heart of Downtown Pensacola's entertainment and business district with irreplaceable views. Iconic Palafox Street Frontage along the city's most desirable commercial corridor, surrounded by dining, retail, and residential development. Stabilized, Income-Producing Asset — 100% leased to two long-term professional tenants; Merrill Lynch (12,255 RSF) — tenant since 2001 and Rafferty, Domnick, Cunningham & Yaffa (6,739 RSF) — new 5-year lease executed in 2024 Attractive In-Place Yield — Offered at a 5.88% cap rate with stable downtown office income. Limited Downtown Office Supply supports long-term occupancy and rental stability. Historic, Character-Rich Building — Three-story Class 'A' office building enhances market appeal and tenant retention. Walkable Waterfront Environment with immediate access to marina, festivals, restaurants, and hospitality. Located in a Growing Coastal Market benefiting from population growth and continued downtown revitalization. Rent Roll maintained almost 100% occupancy since building completed in 1999.
More Information
Waterfront Type
- Bay/Harbor
- Yes
Floors in Unit/Home
- Three Or More
- Yes
Property Features
Waterfront Type:
Bay/Harbor
Listing Office:
NAI TALCOR
Last Updated: April – 17 – 2026
Information deemed reliable but not guaranteed.