Two-Unit Duplex with Separate
For Sale
$499,000
1115 Dr Martin Luther King Jr Dr, Pensacola, FL 32503
Residential Income, Pensacola, FL
Property Size1,637 SF
Price / SF$304.83
Days on Market9
Property Features for 1115 Dr Martin Luther King Jr Dr
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning description
Res Multi
Parking features
Covered
Patio and Porch features
Porch
Interior features
Baseboards, Ceiling Fan(s), Recessed Lighting
Exterior features
Balcony
Appliances
Tankless Gas Water Heater, Dishwasher, Freezer, Refrigerator, Self Cleaning Oven
Subdivision
East King Tract
Lot features
Central Access
Elementary school
Global Learning Academy
Middle school
WORKMAN
High school
Pensacola
Directions
Head East on East Cervantes, then turn right on North Davis Hwy, Left on East Brainerd Street, the left on Dr. Martin Luther King Jr. Drive. Property will be on your right side.
Standard status
Active
APN
000S009020170036
Size
1,637 SF
Taxes and HOA fees
Tax Description
LT 17 BLK 36 EAST KING TRACT OR 9465 P 1639 CA 66
Legal Description
LT 17 BLK 36 EAST KING TRACT OR 9465 P 1639 CA 66
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Amenities
balcony
private entrance
laundry
storage
9-foot ceilings
Building Details
Year built
2026
Floors in Building
2
Number of units
2
Flooring type
Tile
Building materials
Frame
Roof type
Shingle
Listing Agency:
EXP Realty, LLC
(888) 883-8509
Listed By:
Shaye Martin
(850) 449-3008
Added: Oct 1
Changed: Oct 6
Last Checked: Oct 9 at 5:06AM
MLS# 689771
Copyright © 2026 Pensacola Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Under construction, this 1,637-square-foot duplex is arranged as two independent residences, each with its own entrance. The first-floor unit has one bedroom, one bathroom, a living room, kitchen, dining area, and laundry. Upstairs, the second residence includes two bedrooms, two bathrooms, a living room, kitchen, dining area, laundry, and a balcony. Both levels have 9-foot ceilings. Covered parking, a one-car carport, and additional storage round out the layout.
The property is in Pensacola near Downtown Pensacola, with access to I-110, hospitals, restaurants, shopping, and beaches. Public water and sewer serve the property.
The property is in Pensacola near Downtown Pensacola, with access to I-110, hospitals, restaurants, shopping, and beaches. Public water and sewer serve the property.
Key Highlights
- 1,637 square feet; under construction with a 2026 year built
- Two separate residences: one bedroom and one bathroom downstairs; two bedrooms and two bathrooms upstairs
- A full kitchen, living area, dining area, and laundry in each residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,111
Cap Rate
3.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$322,220
$322.2K
Cap Rate 7%
$230,157
$230.2K
Cap Rate 9%
$179,011
$179.0K
Market Conditions
NOI Build-Up for 1,637 SF
Gross rent
$26.5K $16.20/SF
− Vacancy
−$3.5K −$2.14/SF
EGI
$23.0K $14.06/SF
− OpEx
−$6.9K −$4.22/SF
NOI
$16.1K $9.84/SF
Area
Escambia County, FL
Vacancy
13.21%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$322,220
Cap Rate 7%
$230,157
Cap Rate 9%
$179,011
Alternative Uses
Best Use
Multifamily LT 5
$230.2K
$201.4K – $268.5K
NOI $16,111 @ 7.0% cap · market cap 3.23%
Second Best
Apartment 5plus
$211.3K
$184.9K – $246.5K
NOI $14,791 @ 7.0% cap · market cap 2.96%
Theoretical Best
Office A
$480.4K
$420.4K – $560.5K
NOI $33,631 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,440
Businesses Nearby
Explore this area
Business Placement
Demographics for 32503, FL
33,693
Population
14,419
Households
2.3
Avg Household Size
36
Median Age
41%
College-Educated
94%
High-School Grad
12.6 sq mi
ZIP Area
2,674
Density / Sq Mi
$67,654
Median Household Income
$32,077
Median Earnings
$1,226
Median Rent
$270,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Distinct one- and two-bedroom residences each include a full kitchen, laundry, and independent living areas.
Where is this duplex located?
The property is located at 1115 Dr Martin Luther King Jr Dr Pensacola, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 1,637 square feet; under construction with a 2026 year built; Two separate residences: one bedroom and one bathroom downstairs; two bedrooms and two bathrooms upstairs; A full kitchen, living area, dining area, and laundry in each residence
