North Hill Office Building For Sale
Office
for Sale
| Catylist Listing ID: |
30821506 |
| Property Subtypes: |
Office Building
|
| Building Size (RSF): |
45,955 SF
|
| Gross Land Area: |
2.31 Acres
|
| Sale Price: |
$3,950,000 |
| Unit Price: |
$85.95 PSF |
| Property Use Type: |
Vacant/Owner-User |
| Class of Space: |
Class B |
| Sale Terms: |
Undisclosed |
| Cap Rate: |
Undisclosed |
| Last Updated: |
6/8/2023 |
Overview / Comments
Beck Partners is pleased to present the opportunity to acquire 1301 North Palafox, an exceptional office or multi-family redevelopment opportunity. The premises is uniquely located in the Historic North Hill Preservation District, and formerly known as the P.K. Younge School. The subject property encompasses roughly 2.3 acres, including 45,955 SF of office space, one of the largest single tenant office buildings in the area. It is currently occupied by the Florida Department of Law Enforcement (FDLE) until March of 2023. The historic building status allows an owner the opportunity to earn significant returns over the next several months, as well as offset redevelopment risk with historic tax credits.
The strategic location will allow occupants to enjoy multiple, quick access points to the I-110 freeway in as little as a 1-minute drive. Palafox Street is the main artery in to the downtown core of Pensacola, which will be undergoing significant improvements (https://www.pnj.com/story/news/2022/02/24/pensacola-florida-planning-road-diet-palafox-street-north-hill/6907969001/) . With 300 feet of frontage on Palafox Street, the subject property will directly benefit from the forthcoming Palafox Street resurfacing project, and the proposed road diet which will further enhance the immediate area. Multiple, major redevelopment projects have recently come to completion down North Palafox Street.
The 3-story building offers exceptional views of the historic North Hill Neighborhood, and its unique architecture. A private courtyard near the parking lot entrance provides occupants the opportunity to enjoy the comfortable outside elements of the area. The building is outfitted with secured access in to and throughout the entire premises. The subject is equipped with elevator access to all three floors. The layout possibilities are endless, with multiple configurations on each floor of both private office, lab, and bullpen spaces. The premises boast excellent access from three different streets and feature a lighted parking lot with a plethora of spaces. Sale includes 3 residential parcels that can be sold or developed as single family residence.
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Additional Details
| Nearest MSA: |
Pensacola-Ferry Pass-Brent |
| County: |
Escambia |
| Tax ID/APN: |
000S009010001163 |
| Zoning: |
PC-1 |
Demographic Statistics
| Proximity: |
1 mile |
3 miles |
5 miles |
| Total Population: |
11,452 |
62,359 |
144,350 |
| Median Age: |
40.28 |
39.24 |
37.98 |
| Households: |
4,304 |
26,067 |
56,543 |
|
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