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.