202-212 South Palafox Street is aretail property for lease in Pensacola, FL.
Tremendous Investment Opportunity in Downtown Pensacola
The property has a current rental income in place from existing leases $93,450. The projected parking revenue is $36,500 based on an estimating $5/day for 20 parking spots with zero turnover. Carrying a projected reserve for repairs maintenance of $5,000 this bring the projected year 1 NOI to $124,950.
However, the true value of this property is in the tremendous location that gives it the potential for a significant redevelopment. The property's C-2A zoning allows for the following:
-Minimum Yard Requirements (Minimum Building Setbacks): There shall be no yard requirements, except that where any nonresidential use is contiguous to a residential zoning district there shall be a 20 foot yard unless the two districts are separated by a public street, body of water, or similar manmade or natural buffer of equal width. Inside the C-2A District and Dense Business Area, there shall be a maximum allowed front yard setback of 10 feet.
-Maximum Building Height: No building shall exceed 100 feet in height at the property or setback lines. Three feet may be added to the height of the building for each foot the building elevation is stair-stepped or recessed back from the property or setback lines beginning at the height permitted up to a maximum height of 150 feet.
-Lot Coverage Requirements: Shall not exceed 100% of the total site area for buildings up to 100 feet in height. For buildings over 100 in height, lot coverage shall not exceed 90%.
-Maximum Density Multiple Family Dwellings: 135 dwelling units per acre.
• Located in the heart of booming downtown Pensacola
• American Planning Association (APA) announced the designation of Palafox Street as one of 10 Great Streets for 2013
• Year 1 Projected NOI of $124,950
• Tremendous upside for redevelopment
• Zoning allows for redevelopment up to 100 feet and 135 residential units per acre
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