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    Waterfront Land Opportunity in Pensacola Title is generated by Realmo AI

    Mirella St, Pensacola, FL 32507

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    Claim this Listing
    For Sale
    $2,970,000

    LAND - Pensacola, FL

    Lot size:
    19.57 Acres
    Added:
    Jun 16, 2021
    Days on Market:
    1815
    Last Refresh:
    Jun 4 at 8:06 pm

    Property Features for Mirella St

    General Information

    Property type
    Land
    Property subtype
    Other
    Exterior features
    Dock
    Standard status
    Active
    APN
    143S322000000021
    Lot size
    19.57 Acres

    Taxes and HOA fees

    Tax Description
    The acreage is located on Mirella Street, PIN#143S322000000021, a new parcel will be created for each of the tracts and will be recorded at closing. Legal will is subject to and shall be determined on an updated survey.

    Utilities

    Water source
    Public
    Water front
    1

    We can help!

    Listing Contact
    Harry Bell
    Harry Bell

    Listing agent Harry Bell License #BK3026917

    Listing office Bellcore Commercial LLC 17 W Cedar Street Suite 2, Pensacola, FL

    Listing date Jun 16, 2021

    MLS# 591633 Listing URL

    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.

    HighLights

    • Waterfront property: Enjoy over 1,378 feet of unobstructed views on Bayou Garcon with deep water access.
    • Large 19.57 acre property in desirable Innerarity Heights/Perdido Key.
    • Multiple parcels available (Tracts 1‑5 are +\/-2.2 acres each) allowing for subdivision and flexibility.
    • Conveniently located: Just 4 minutes to Perdido Key beach and 5 minutes to Pensacola Naval Air Station; close to shopping and restaurants.
    • All public and private utilities are available to the sites.
    • Shared access path to an existing dock.

    Overview

    This exclusive waterfront residential land opportunity is located in Pensacola, FL, on the Bayou Garcon. The property offers over 1,378 feet of unobstructed views and privacy. Situated in the Innerarity Heights and Perdido Key beach communities, the property consists of multiple parcels totaling approximately 19.57 acres. The seller is offering the site as a compilation of 6 waterfront tracts, to be subdivided at closing. Tracts 1-5 are approximately 2.2-acre tracts, while Tract 6 is approximately 8 acres and will be available after Tracts 1-5 are sold. Tracts 1-5 feature expansive views of Bayou Garcon with approximately 133 to 173 feet of water frontage and deep water access. The tracts are roughly 220 feet wide and 683 to 953 feet deep. There will be no HOA; however, building restrictions will be recorded at closing. Per Escambia County, homes must be built on piling, with a mandatory wetland buffer setback requirement of 40 feet. All private and public utilities are available to the sites. The properties are zoned for single-family residential homes; approximately 16.57 acres are zoned "C-1", Commercial District, and approximately 3 acres are zoned "SDD," Special Development District. The property includes a shared access path to an existing dock extending into Bayou Garcon. The waterway, natural wetlands, and surrounding nature serve as natural amenities. The property is 4 minutes from the public beach at Perdido Key, 5 minutes from the back gate of Pensacola Naval Air Station, and close to shopping, restaurants, and entertainment.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Pensacola
    County
    Escambia
    State
    Florida
    Longitude
    -87.4241828
    Latitude
    30.3204356

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    FAQs

    What type of property is this?
    Residential land & home lot - Exclusive waterfront residential land with unobstructed views and deep water access.
    Where is this residential land & home lot located?
    The property is located at Mirella St Pensacola, FL.
    What is the asking price?
    The asking price for this property is $2,970,000.
    What are key features of this property?
    This property features: Waterfront property: Enjoy over 1,378 feet of unobstructed views on Bayou Garcon with deep water access.; Large 19.57 acre property in desirable Innerarity Heights/Perdido Key.; Multiple parcels available (Tracts 1‑5 are +\/-2.2 acres each) allowing for subdivision and flexibility.
    (850) 434-3434
    We can help!
    Listing Contact
    Harry Bell
    Harry Bell
    Real Estate License ID: BK3026917
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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