Historic Fourplex with
For Sale
$900,000
1-4-208 W Strong St, Pensacola, FL 32501
Configured as an owner’s residence plus two upstairs apartments, each with private entrances, central HVAC, and private outdoor space.
Property Size5,800 SF
Price / SF$155.17
Days on Market94
Property Features for 1-4-208 W Strong St
General Information
Standard status
Active
Size
5,800 SF
Property subtype
Residential Income
Additional Details
Utilities to Site
Yes
Amenities
private entrance
separate utility metering
central HVAC
flex room
hardwood floors
millwork
built-ins
interior columns
high ceilings
clawfoot tubs
covered front porch
partially covered rear patio
oversized private balcony
New Orleans-inspired courtyard
mature landscaping
Building Details
Year Built
1919
Buildings
1
Tenancy
Multi
Listing Agency:
KELLER WILLIAMS REALTY GULF COAST
(850) 805-5510
Listed By:
Matthew Jones · License #BK3425084
(850) 805-5510
Source:
Exprealty
Added: May 13
Changed: Jul 31
Last Checked: Aug 13 at 10:50AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KELLER WILLIAMS REALTY GULF COAST
Investment Insights
Based on property information with market context.
Built circa 1919 as a purpose-built fourplex, this Historic North Hill property offers a flexible setup that can function as multi-family income or be restored to its original four-unit layout, subject to buyer verification and required approvals. The two downstairs units have been combined into an approximately 2,800-square-foot owner’s residence with four bedrooms and two bathrooms. Two separate upstairs apartments of approximately 1,500 square feet each are retained, with each unit offering two bedrooms and one bathroom.
Each residence features a private entrance and separate utility metering. The home includes central HVAC throughout, with a functional layout supported by hardwood floors, extensive millwork, abundant built-ins, interior columns, and high ceilings. The owner’s residence has a covered front porch and a partially covered rear patio, while each upstairs apartment provides an oversized private balcony. Upstairs, each apartment includes a flex room overlooking W Strong Street.
Set on an unusually deep lot, the property features a New Orleans-inspired courtyard with mature landscaping and greenery—an outdoor space designed for entertaining or outdoor dining, with room for future enhancements such as a pool or garage, subject to zoning, historic district requirements, and other applicable regulations.
Each residence features a private entrance and separate utility metering. The home includes central HVAC throughout, with a functional layout supported by hardwood floors, extensive millwork, abundant built-ins, interior columns, and high ceilings. The owner’s residence has a covered front porch and a partially covered rear patio, while each upstairs apartment provides an oversized private balcony. Upstairs, each apartment includes a flex room overlooking W Strong Street.
Set on an unusually deep lot, the property features a New Orleans-inspired courtyard with mature landscaping and greenery—an outdoor space designed for entertaining or outdoor dining, with room for future enhancements such as a pool or garage, subject to zoning, historic district requirements, and other applicable regulations.
Key Highlights
- Purpose‑built fourplex built circa 1919
- Approximately 2,800 SF owner’s residence with 4 bedrooms and 2 bathrooms
- Two upstairs apartments, approximately 1,500 SF each; 2 bedrooms and 1 bathroom each
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
$57,084
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
6.34%
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%
$1,141,680
$1.1M
Cap Rate 7%
$815,486
$815.5K
Cap Rate 9%
$634,267
$634.3K
Market Conditions
NOI Build-Up for 5,800 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
$94.0K $16.20/SF
− Vacancy
−$12.4K −$2.14/SF
EGI
$81.5K $14.06/SF
− OpEx
−$24.5K −$4.22/SF
NOI
$57.1K $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 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%
$1,141,680
Cap Rate 7%
$815,486
Cap Rate 9%
$634,267
Alternative Uses
Best Use
Multifamily LT 5
$815.5K
$713.6K – $951.4K
NOI $57,084 @ 7.0% cap · market cap 6.34%
Second Best
Apartment 5plus
$748.6K
$655.1K – $873.4K
NOI $52,405 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$1.70M
$1.49M – $1.99M
NOI $119,156 @ 7.0% cap · market cap 13.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,399
Businesses Nearby
Explore this area
Business Placement
Demographics for 32501, FL
10,960
Population
5,505
Households
2
Avg Household Size
41
Median Age
30%
College-Educated
86%
High-School Grad
3.7 sq mi
ZIP Area
2,962
Density / Sq Mi
$39,127
Median Household Income
$31,312
Median Earnings
$964
Median Rent
$277,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Configured as an owner’s residence plus two upstairs apartments, each with private entrances, central HVAC, and private outdoor space.
Where is this quadplex located?
The property is located at 1-4-208 W Strong St Pensacola, FL.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Purpose‑built fourplex built circa 1919; Approximately 2,800 SF owner’s residence with 4 bedrooms and 2 bathrooms; Two upstairs apartments, approximately 1,500 SF each; 2 bedrooms and 1 bathroom each
