Two-Unit Duplex with
For Sale
$499,000
1115 Dr Martin Luther King Jr Dr, Pensacola, FL 32503
Each residence has its own kitchen and laundry, with separate living and dining areas.
Property Size1,637 SF
Price / SF$304.83
Days on Market30
Property Features for 1115 Dr Martin Luther King Jr Dr
General Information
Standard status
Active
Size
1,637 SF
Total Parking Spaces
1
Property subtype
Duplex
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/2BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
balcony
9-foot ceilings
Building Details
Building Size
1,637 SF
Year Built
2026
Buildings
1
Listing Agency:
EXP Realty, LLC
Listed By:
Shaye Martin
(850) 449-3008
Source:
Luckypalmsrealty
Added: Oct 1
Changed: Oct 29
Last Checked: Oct 29 at 1:22AM
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 EXP Realty, LLC
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Investment Insights
Based on property information with market context.
Completed in 2026, this 1,637-square-foot duplex contains two distinct residences. The first-floor unit has 1 bedroom and 1 bathroom, along with a living room, kitchen, dining area, laundry, and private entrance. The upper residence includes 2 bedrooms and 2 bathrooms, plus its own living room, kitchen, dining area, laundry, and balcony. Both levels have 9-foot ceilings.
The property includes a one-car covered carport and additional storage. It is near Downtown Pensacola, with access to I-110, area hospitals, restaurants, shopping, and beaches.
The property includes a one-car covered carport and additional storage. It is near Downtown Pensacola, with access to I-110, area hospitals, restaurants, shopping, and beaches.
Key Highlights
- Two separate residences: a 1‑bedroom, 1‑bath unit and a 2‑bedroom, 2‑bath unit
- 1,637 square feet of living area; built in 2026
- Both units have separate kitchens, dining areas, living rooms, and laundry
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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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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
Frequently Asked Questions
What type of property is this?
Duplex - Each residence has its own kitchen and laundry, with separate living and dining 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: Two separate residences: a 1‑bedroom, 1‑bath unit and a 2‑bedroom, 2‑bath unit; 1,637 square feet of living area; built in 2026; Both units have separate kitchens, dining areas, living rooms, and laundry
