Renovated
For Sale
$675,000
1601 E Cervantes, Pensacola, FL 32501
Residential Income, Pensacola, FL
Property Size2,162 SF
Lot Size0.24 Acres
Price / SF$312.21
Days on Market141
Property Features for 1601 E Cervantes
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Parking features
On Street
Interior features
Baseboards, Ceiling Fan(s)
Fireplace
1
Appliances
Tankless Water Heater
Subdivision
New City Tract
Lot features
Corner Lot
Elementary school
Suter
Middle school
WORKMAN
High school
Washington
Directions
Head east on Cervantes. Property is on the right. Corner of 16th Avenue & Cervantes
Standard status
Active
APN
000S009025001100
Size
2,162 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
LTS 1 2 BLK 100 NEW CITY TRACT OR 8947 P 1295 OR 8971 P 1721 CA 41
Legal Description
LTS 1 2 BLK 100 NEW CITY TRACT OR 8947 P 1295 OR 8971 P 1721 CA 41
Utilities
Sewer type
Public Sewer
Heating system
Central, Fireplace(s)
Cooling system
Multi Units, Central Air, Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1933
Number of units
4
Flooring type
Hardwood
Roof type
Shingle
Listing Agency:
Better Homes And Gardens Real Estate Main Street Properties
(850) 912-4123
Listed By:
Blair Phillips Beck
(334) 301-1315
Added: Apr 14
Changed: Aug 19
Last Checked: Sep 1 at 11:06AM
MLS# 680916
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.
This 2,162-square-foot quadplex contains four furnished units with distinct configurations. Unit A includes a king bedroom, full kitchen, and private laundry room. Unit B pairs a king suite and updated bathroom with an outdoor area featuring a fire pit, grill, and dining space. The second-floor Unit C provides two bedrooms, dual king suites, smart TVs, and living space for families or groups. Unit D is a studio with a king bed, walk-in rain shower, in-unit laundry, and a private deck with seating and a grill.
Built in 1933, the property has hardwood flooring, central heating, multiple cooling systems, a fireplace, public water, and public sewer. A full shingle roof replacement was completed in 2021, while plumbing serving the B/C laundry area was updated and a tankless water heater was installed by a licensed plumber. The 0.2424-acre site is at 1601 E Cervantes in Pensacola, with on-street parking. East Hill amenities and downtown Pensacola are identified as nearby destinations.
Built in 1933, the property has hardwood flooring, central heating, multiple cooling systems, a fireplace, public water, and public sewer. A full shingle roof replacement was completed in 2021, while plumbing serving the B/C laundry area was updated and a tankless water heater was installed by a licensed plumber. The 0.2424-acre site is at 1601 E Cervantes in Pensacola, with on-street parking. East Hill amenities and downtown Pensacola are identified as nearby destinations.
Key Highlights
- Four‑unit quadplex with 2,162 square feet on a 0.2424‑acre lot
- Full shingle roof replacement completed in 2021
- Unit mix includes a studio, one‑bedroom layouts, and a second‑floor 2BR
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
$21,278
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
3.15%
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%
$425,560
$425.6K
Cap Rate 7%
$303,971
$304.0K
Cap Rate 9%
$236,422
$236.4K
Market Conditions
NOI Build-Up for 2,162 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
$35.0K $16.20/SF
− Vacancy
−$4.6K −$2.14/SF
EGI
$30.4K $14.06/SF
− OpEx
−$9.1K −$4.22/SF
NOI
$21.3K $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%
$425,560
Cap Rate 7%
$303,971
Cap Rate 9%
$236,422
Alternative Uses
Best Use
Multifamily LT 5
$304.0K
$266.0K – $354.6K
NOI $21,278 @ 7.0% cap · market cap 3.15%
Second Best
Apartment 5plus
$279.1K
$244.2K – $325.6K
NOI $19,534 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$634.5K
$555.2K – $740.3K
NOI $44,416 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
862
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four furnished units in East Hill offer varied layouts, private outdoor areas, and updated residential systems.
Where is this quadplex located?
The property is located at 1601 E Cervantes Pensacola, FL.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Four‑unit quadplex with 2,162 square feet on a 0.2424‑acre lot; Full shingle roof replacement completed in 2021; Unit mix includes a studio, one‑bedroom layouts, and a second‑floor 2BR
