Triplex with Private
For Sale
$900,000
208 W Strong St, Pensacola, FL 32501
MULTI_FAMILY - Pensacola, FL
Property Size5,775 SF
Price / SF$155.84
Days on Market75
Property Features for 208 W Strong St
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
Res Multi
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 2
Parking features
Driveway, On Street, Parking Lot
Window features
Blinds
Interior features
Baseboards, Bookcases, Ceiling Fan(s), Crown Molding, High Speed Internet, Office/Study, Sun Room
Exterior features
Balcony
Appliances
Water Heater, Dishwasher, Refrigerator
Subdivision
Belmont Tract
Lot features
Historic District, Interior Lot
Elementary school
Global Learning Academy
Middle school
WORKMAN
High school
Pensacola
Directions
From I-110, Take E Cervantes St West, Turn right on N Spring St, Turn left onto West Strong St, property will be on your right.
Standard status
Active
APN
000S009010023042
Size
5,775 SF
Taxes and HOA fees
Tax Description
Lts 23 24 And S 30 Ft Of Lt 11 And Of W 5 Ft Of Lt 12 Blk 42 Belmont Tract Or 4059 P 694 Ca 94
Legal Description
Lts 23 24 And S 30 Ft Of Lt 11 And Of W 5 Ft Of Lt 12 Blk 42 Belmont Tract Or 4059 P 694 Ca 94
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Central Air, Multi Units
Water source
Public
Amenities
private entrance
separate utility metering
central HVAC
hardwood floors
millwork
built-ins
high ceilings
clawfoot tubs
covered front porch
rear patio
private balcony
courtyard
Building Details
Year built
1918
Floors in Building
2
Number of units
3
Flooring type
Tile, Hardwood
Building materials
Brick
Roof type
Flat
Listing Agency:
KELLER WILLIAMS REALTY GULF COAST
(850) 471-5000
Listed By:
Matthew Jones · License #BK3425084
(850) 471-5000
Added: Jun 1
Changed: Aug 2
Last Checked: Aug 14 at 9:06AM
MLS# 681122
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 property was built as a purpose-built fourplex and currently functions as a triplex-style layout: two downstairs units have been combined into an approximately 2,800 square foot owner’s residence with four bedrooms and two bathrooms, while two separate upstairs apartments remain, each offering two bedrooms and one bathroom. Each residence has a private entrance and separate utility metering, and the home features central HVAC. Interior details include hardwood floors, extensive millwork, abundant built-ins, interior columns, high ceilings, and classic clawfoot tubs, along with flexible space such as a sun room and an office/study.
Outdoors, the property sits on an unusually deep lot with a New Orleans-inspired courtyard, surrounded by mature landscaping. The owner’s residence includes a covered front porch and a partially covered rear patio, and each upstairs apartment features an oversized private balcony. On-site parking includes a driveway, on-street parking, and a parking lot.
The current configuration offers flexibility to restore the original four-unit layout, subject to buyer verification and approvals, while preserving the privacy of separate entrances and utilities.
Outdoors, the property sits on an unusually deep lot with a New Orleans-inspired courtyard, surrounded by mature landscaping. The owner’s residence includes a covered front porch and a partially covered rear patio, and each upstairs apartment features an oversized private balcony. On-site parking includes a driveway, on-street parking, and a parking lot.
The current configuration offers flexibility to restore the original four-unit layout, subject to buyer verification and approvals, while preserving the privacy of separate entrances and utilities.
Key Highlights
- Built in 1918 brick construction with flat roof
- Two downstairs units combined into ~2,800 SF owner’s residence with 4 beds and 2 baths
- Two upstairs apartments, each with 2 beds and 1 bath
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
$56,837
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
6.32%
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%
$1,136,740
$1.1M
Cap Rate 7%
$811,957
$812.0K
Cap Rate 9%
$631,522
$631.5K
Market Conditions
NOI Build-Up for 5,775 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
$93.6K $16.20/SF
− Vacancy
−$12.4K −$2.14/SF
EGI
$81.2K $14.06/SF
− OpEx
−$24.4K −$4.22/SF
NOI
$56.8K $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%
$1,136,740
Cap Rate 7%
$811,957
Cap Rate 9%
$631,522
Alternative Uses
Best Use
Multifamily LT 5
$812.0K
$710.5K – $947.3K
NOI $56,837 @ 7.0% cap · market cap 6.32%
Second Best
Apartment 5plus
$745.4K
$652.2K – $869.7K
NOI $52,179 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$1.69M
$1.48M – $1.98M
NOI $118,642 @ 7.0% cap · market cap 13.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
707
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?
Triplex - Owner’s residence plus two upstairs apartments with private entrances, separate utility metering, central HVAC, balconies, and courtyard outdoor space.
Where is this triplex located?
The property is located at 208 W Strong St Pensacola, FL.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Built in 1918 brick construction with flat roof; Two downstairs units combined into ~2,800 SF owner’s residence with 4 beds and 2 baths; Two upstairs apartments, each with 2 beds and 1 bath
