Covered Land Play - B of A Building - 3.77 Acres - Cordova

Office for Sale
Also listed as Vacant Land, Retail-Commercial
Catylist Listing ID: 30732456
Property Subtypes: Executive Suites, Coworking, High-Tech, Institutional, Medical, Mixed Use, Flex Space, Net Leased, Office Building, Research & Development
Building Size (RSF): 32,468 SF
Gross Building Area: See Agent
Sale Price: $4,900,000
Unit Price: $150.92 PSF
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User
Building Name: Bank of America Building
Class of Space: Class A
Sale Terms: Cash to Seller
Last Updated: 1/19/2022

Overview / Comments

SVN Southland Commercial Real Estate is pleased to offer the opportunity to acquire an irreplaceable stabilized cash lowing office building with future redevelopment potential in the extremely dense Cordova submarket located in Pensacola, FL. This 32,468 SF Class A office building is situated on a 3.77 acre square parcel along the heavily traveled Bayou Boulevard corridor directly across the street rom the Cordova Mall and Sacred Heart Hospital. The building is currently occupied by numerous tenants including Bank of America occupying the entire 2nd floor and Consumer Attorney Records occupying the entire 3rd floor. There have been numerous recent upgrades to the building including, new roof, updates to elevator system, and a significantly upgraded HVAC system. New ownership would be benefit rom existing cash low, while land banking a one of-a-kind redevelopment site. Future redevelopment possibilities include medical, retail, hotel, multi-family, among many others.

Stabilized Office Investment in Pensacola, FL (Cordova)
2022 Budget NOI: $227,998
Pro Forma (Upside) NOI - $299,268
Occupancy: 96%
Irreplaceable Real Estate with Immediate Cash Flow and Redevelopment Potential via Covered Land Play
Extremely High Barrier To Entry Market

Covered Land Play - The Offering Provides Immediate Cash Flow, While Allowing a Perspective Investor the Opportunity to Acquire One of the Last Remaining Larger Development Parcels in Cordova for Future Re-Development.

Future Highest & Best Use - Medical, Retail, Hotel, Multi-Family, Among Other Re-Development Options.

Upside Potential - Existing Legacy Tenants Are Currently Paying Below-Market Rents Due to The Duration of their Existing Leases and Amount of Tenant Improvement Dollars they have Put into the Building (Ex. Bank of America). Upon Downsize or Vacancy, New Ownership Would Have the Ability to Obtain Market Rents and Increase the Net Operating Income.

Excess Acreage Can Potentially Be Sold as Outparcel

Irreplaceable Real Estate in Extremely High Barrier to Entry Market

Professionally Managed and Maintained

Additional Details

Nearest MSA: Pensacola-Ferry Pass-Brent
County: Escambia
Tax ID/APN: 331S307200000015
Zoning: C-1
Site Description: Located in the heart of the Cordova core retail/healthcare area, this property occupied by Bank of America, among other tenants, is in an extremely desirable location. The lack of available land and space is a huge barrier to entry or users and developers looking to enter the Pensacola's premier retail/healthcare corridor. This site has excellent visibility with ~405 feet of frontage on Bayou Boulevard just east o Bayou Boulevard and 9th Avenue intersection. Situated across the street from the Cordova Mall, the largest shopping center in Northwest Florida, Sacred Heart Hospital, and just blocks away rom Pensacola State College and Pensacola International Airport. Nearby national retailers and restaurants include Target, Publix, Belk, Best Buy, Lowe’s, Sam’s Club, Starbucks, Winn-Dixie, McDonald's, TGI Friday's, Chipotle, Panda Express, Dunkin' Donuts, Aspen Dental, Barnes & Noble, Gander Outdoors, PetCo, Miller's Ale House, Rooms To Go, Outback Steakhouse, Jersey Mike's, Smoothie King, Fresh Market, DWS Shoes, Ulta Beauty, Stein Mart, Wendy's, Krystal, Taco Bell, Verizon, Longhorn Steakhouse, Kay Jeweler's, Chili's, BJ's Brewhouse, Regions Bank, ABC Liquor, Panera Bread, Olive Garden, Chicken Salad Chick, Chick-Fil-A, Zoe's Kitchen, Moe's Southwest Grill, among countless others.
Area Description: Pensacola, Florida, the westernmost city in the Florida Panhandle, is the seat of Escambia County and the principal city of the Pensacola-Ferry Pass-Brent MSA (Population: 487,784). The MSA benefits rom its picturesque coastal location as well as its proximity to other major cities including Mobile and Birmingham, Alabama (60 miles to the northwest and 255 miles to the north, respectively) and New Orleans, Louisiana (200 miles to the southwest). The area's solid, diverse economy features strongholds in the military and tourism industries and boasts one of the most prosperous manufacturing sectors in the northwest Florida region.
Number of Stories: 3
Year Built: 1975
Year Renovated: 2017
Lot Frontage: 400
Lot Depth: 410

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,982 77,261 155,512
Median Age: 40.41 38.56 38.17
Households: 3,278 31,413 63,933


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