Pensacola Multifamily Investment
For Sale
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8650 Jernigan Rd, Pensacola, FL 32514
39-unit multifamily property in Pensacola's Ferry Pass neighborhood.
Property Size31,537 SF
Days on Market151
Property Features for 8650 Jernigan Rd
General Information
Standard status
Active
Size
31,537 SF
Property subtype
Multifamily
Amenities
Stabilized asset with immediate cash flow and proven value-add potential driving rent growth
Opportunity to add at least 8 units, increasing density and long-term asset value
Over 2% annual job growth supports strong renter demand and long-term market stability
Building Details
Building Size
31,537 SF
Units
39
Listing Agency:
Birmingham Office
Listed By:
Josh Jacobs · License #License(s): AL: 000100755-0
(205) 510-9120
Source:
Marcusmillichap
Added: Apr 8
Changed: Aug 8
Last Checked: Sep 5 at 3:46AM
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 Birmingham Office
Investment Insights
Based on property information with market context.
The Bennett Apartments, located in Pensacola, FL, presents an opportunity to acquire 39 multifamily units. Constructed in phases during the 1970s and 1980s, the property consists of 38 single-level duplex units and one four-bedroom house. The property is located in the Ferry Pass neighborhood, offering accessibility and convenience. Key job drivers are nearby, including the University of West Florida (3-miles away), Baptist and Ascension Sacred Heart hospitals, and NAS Pensacola. Entertainment options include Gulf beaches, downtown Pensacola's dining and cultural scene, shopping districts, and recreational parks. Escambia County public schools, including Ferry Pass Elementary, serve the area. The area's median household income is approximately $66,644. Within a 3-mile radius, average home values hover around $250,000. The property offers potential for top line growth via a continued interior value-add program. There is a pathway towards increasing the overall unit count via additional construction of at least 8 more units. The property is positioned as an attractive alternative in a balanced market. Pensacola experiences in-migration from high-cost states and other regions. Recent job growth of over 2 percent annually across defense, healthcare, education, and emerging sectors like logistics continues to expand the labor force. Multifamily occupancy is holding strong near 95 percent.
Key Highlights
- Value‑add potential with proven rental increases of up to 35% achieved on renovated units.
- Opportunity to develop at least 8 additional units on the existing property footprint.
- Located in the desirable Ferry Pass neighborhood of Pensacola, close to major employers like the University of West Florida and hospitals.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
305
Businesses Nearby
Explore this area
Business Placement
Demographics for 32514, FL
40,844
Population
19,117
Households
2.1
Avg Household Size
39
Median Age
33%
College-Educated
91%
High-School Grad
19.8 sq mi
ZIP Area
2,063
Density / Sq Mi
$66,484
Median Household Income
$36,178
Median Earnings
$1,358
Median Rent
$241,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - 39-unit multifamily property in Pensacola's Ferry Pass neighborhood.
Where is this multifamily property located?
The property is located at 8650 Jernigan Rd Pensacola, FL.
What are key features of this property?
This property features: Value‑add potential with proven rental increases of up to 35% achieved on renovated units.; Opportunity to develop at least 8 additional units on the existing property footprint.; Located in the desirable Ferry Pass neighborhood of Pensacola, close to major employers like the University of West Florida and hospitals.
