Brick Duplex on Corner
For Sale
$725,000
1119 & 1121 E Lakeview Ave, Pensacola, FL 32503
MULTI_FAMILY - Pensacola, FL
Property Size3,406 SF
Lot Size0.24 Acres
Price / SF$212.86
Days on Market114
Property Features for 1119 & 1121 E Lakeview Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Res Multi
Parking
2
Parking features
Driveway, Carport
Window features
Blinds
Patio and Porch features
Porch, Patio
Interior features
Baseboards, Ceiling Fan(s), Recessed Lighting
Exterior features
Sprinkler, Rain Gutters
Fencing
Privacy
Appliances
Gas Water Heater, Built In Microwave, Dishwasher, Disposal, Refrigerator, Self Cleaning Oven
Subdivision
New City Tract
Lot features
Corner Lot
Elementary school
Oj Semmes
Middle school
WORKMAN
High school
Pensacola
Directions
From Cervantes North on 12th Ave to Lakeview Ave property at SW corner
Standard status
Active
APN
000S009025009227
Size
3,406 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
LTS 9 AND 10 BLK 227 NEW CITY TRACT
Legal Description
LTS 9 AND 10 BLK 227 NEW CITY TRACT
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Gas (Cooling)
Water source
Public
Amenities
laundry room
outside storage room/workshop
irrigation system
Building Details
Year built
1964
Floors in Building
2
Number of units
2
Flooring type
Laminate
Building materials
Brick
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
Connell & Company Realty Inc.
(850) 478-4141
Listed By:
Bobbi Godwin
(850) 478-4141
Added: Apr 16
Changed: Aug 2
Last Checked: Aug 7 at 12:06AM
MLS# 681066
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.
Brick duplex on a corner lot featuring two updated units, each approximately 1,703 SF. The layout provides 3 bedrooms and 2.5 bathrooms per unit, with recessed lighting, ceiling fans, and baseboards. Interiors include laminate flooring and in-unit laundry, along with an outside storage room/workshop for each side. Exterior features include brick construction, privacy fencing, porch and patio areas, sprinkler system, and rain gutters.
Each unit is supported by natural gas heating and gas cooling, with a shingle roof and gas water heater. Parking includes a driveway with carport coverage plus two covered parking spots and additional open parking area. Public water and public sewer are in place, and cable is available.
Over the last four years, major updates have included new HVAC, roof, water heater, kitchen appliances, countertops, flooring, some plumbing fixtures, paint, and an irrigation system, helping both units remain in move-in condition.
Each unit is supported by natural gas heating and gas cooling, with a shingle roof and gas water heater. Parking includes a driveway with carport coverage plus two covered parking spots and additional open parking area. Public water and public sewer are in place, and cable is available.
Over the last four years, major updates have included new HVAC, roof, water heater, kitchen appliances, countertops, flooring, some plumbing fixtures, paint, and an irrigation system, helping both units remain in move-in condition.
Key Highlights
- 0.2433‑acre corner lot with brick duplex construction
- 2 units totaling 3,406 SF; each unit approx. 1,703 SF
- Each unit offers 3BR and 2.5BA with in‑unit laundry
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
$33,522
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
4.62%
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%
$670,440
$670.4K
Cap Rate 7%
$478,886
$478.9K
Cap Rate 9%
$372,467
$372.5K
Market Conditions
NOI Build-Up for 3,406 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
$55.2K $16.20/SF
− Vacancy
−$7.3K −$2.14/SF
EGI
$47.9K $14.06/SF
− OpEx
−$14.4K −$4.22/SF
NOI
$33.5K $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%
$670,440
Cap Rate 7%
$478,886
Cap Rate 9%
$372,467
Alternative Uses
Best Use
Multifamily LT 5
$478.9K
$419.0K – $558.7K
NOI $33,522 @ 7.0% cap · market cap 4.62%
Second Best
Apartment 5plus
$439.6K
$384.7K – $512.9K
NOI $30,774 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$999.6K
$874.7K – $1.17M
NOI $69,973 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,071
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
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 - Brick duplex on a corner lot with two updated 3BR/2.5BA units, porch/patio, and covered parking plus open space.
Where is this duplex located?
The property is located at 1119 & 1121 E Lakeview Ave Pensacola, FL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 0.2433‑acre corner lot with brick duplex construction; 2 units totaling 3,406 SF; each unit approx. 1,703 SF; Each unit offers 3BR and 2.5BA with in‑unit laundry
