Remodeled Duplex with Metal
For Sale
$265,000
3 Ellinor Ct, Pensacola, FL 32507
MULTI_FAMILY - Pensacola, FL
Property Size1,350 SF
Price / SF$196.30
Days on Market8
Property Features for 3 Ellinor Ct
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 4
Subdivision
Navy Point
Lot features
Central Access
Elementary school
Navy Point
Middle school
BAILEY
High school
Pensacola
Directions
From Navy Blvd go West on Gulf Beach Hwy. take a left on Ellinor Ct.
Standard status
Active
APN
502S307000007005
Size
1,350 SF
Taxes and HOA fees
Tax Description
Lt 7 Blk E 1st Addn Navy Point Pb 2 P 55 Or 8909 P 479 Ca 220
Legal Description
Lt 7 Blk E 1st Addn Navy Point Pb 2 P 55 Or 8909 P 479 Ca 220
Utilities
Heating system
Wall Furnace
Cooling system
Multi Units
Building Details
Year built
1946
Floors in Building
1
Number of units
2
Building materials
Block
Roof type
Metal
Listing Agency:
Postcard Realty, Inc.
(850) 565-3026
Listed By:
Alicia Copes
(325) 668-0565
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 12 at 1:06AM
MLS# 687003
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.
This 1,350-square-foot duplex, built in 1946, contains two 2-bedroom, 1-bath units. The block construction is topped by a metal roof, and each unit has its own split-unit HVAC system. The B-side has received extensive updates, including a tankless water heater, stackable laundry appliances, oven/range, ceiling fans, interior paint, bathroom fixtures, and kitchen countertop improvements, all completed in 2026. The A-side remains available for additional finishing work.
The property is located in Pensacola’s Navy Point community, with access to downtown Pensacola, NAS Pensacola, waterfront parks, shopping, and dining. Its two-unit configuration supports either rental use or owner occupancy with a second unit available for income.
The property is located in Pensacola’s Navy Point community, with access to downtown Pensacola, NAS Pensacola, waterfront parks, shopping, and dining. Its two-unit configuration supports either rental use or owner occupancy with a second unit available for income.
Key Highlights
- Two 2‑bedroom, 1‑bath units within a 1,350‑square‑foot duplex
- B‑side updates completed in 2026, including bathroom, kitchen, paint, laundry, and appliances
- Metal roof and individual split‑unit HVAC systems
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,287
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$265,740
$265.7K
Cap Rate 7%
$189,814
$189.8K
Cap Rate 9%
$147,633
$147.6K
Market Conditions
NOI Build-Up for 1,350 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$21.9K $16.20/SF
− Vacancy
−$2.9K −$2.14/SF
EGI
$19.0K $14.06/SF
− OpEx
−$5.7K −$4.22/SF
NOI
$13.3K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$265,740
Cap Rate 7%
$189,814
Cap Rate 9%
$147,633
Alternative Uses
Best Use
Multifamily LT 5
$189.8K
$166.1K – $221.5K
NOI $13,287 @ 7.0% cap · market cap 5.01%
Second Best
Apartment 5plus
$174.3K
$152.5K – $203.3K
NOI $12,198 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$396.2K
$346.7K – $462.2K
NOI $27,734 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
271
Businesses Nearby
Explore this area
Business Placement
Demographics for 32507, FL
31,215
Population
19,131
Households
1.6
Avg Household Size
44
Median Age
32%
College-Educated
91%
High-School Grad
27.9 sq mi
ZIP Area
1,119
Density / Sq Mi
$69,802
Median Household Income
$38,000
Median Earnings
$1,238
Median Rent
$267,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer rental income potential, with one side updated and the other ready for further improvements.
Where is this duplex located?
The property is located at 3 Ellinor Ct Pensacola, FL.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units within a 1,350‑square‑foot duplex; B‑side updates completed in 2026, including bathroom, kitchen, paint, laundry, and appliances; Metal roof and individual split‑unit HVAC systems
