Two-Unit Duplex with Separate
New
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 Market2
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
Last Checked: Oct 2 at 11:06PM
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 = 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
$16,111
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
3.23%
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%
$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
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
$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 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%
$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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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
