Historic Fourplex with
For Sale
Contact for pricing
208 West Strong Street, Pensacola, FL 32501
Built circa 1919, this property offers flexible multi-living space with separate entrances, metering, and outdoor courtyard living.
Property Size5,775 SF
Price / SF$155.84
Days on Market65
Property Features for 208 West Strong Street
General Information
Standard status
Active
Size
5,775 SF
Property subtype
Multifamily
Zoning
PR-2
Occupancy
100%
Additional Details
Multifamily Units
3
Building Details
Year Built
1918
Year Renovated
2005
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
KW Commercial Pensacola
Listed By:
Matt Jones · License #3425084 FL
Source:
Crexi
Added: Jun 15
Changed: Aug 13
Last Checked: Aug 17 at 7:47AM
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 KW Commercial Pensacola
Investment Insights
Based on property information with market context.
Built circa 1919 as a purpose-built fourplex, this North Hill property is currently configured with flexibility for multiple living arrangements. The two downstairs units have been combined into an approximately 2,800-square-foot owner’s residence featuring 4 bedrooms and 2 bathrooms. The upstairs space remains two separate apartments of approximately 1,500 square feet each, with 2 bedrooms and 1 bathroom per unit. Each residence includes a private entrance, separate utility metering, and central HVAC, with each upstairs apartment offering a flex room overlooking W Strong Street that can serve as a home office. Interior features include hardwood floors, extensive millwork, abundant built-ins, interior columns, high ceilings, and classic clawfoot tubs. The owner’s residence has a covered front porch and a partially covered rear patio, while both upstairs apartments offer oversized private balconies.
Set on an unusually deep lot, the property features a New Orleans-inspired courtyard with mature landscaping and greenery, providing a quiet outdoor setting for entertaining or dining. The surrounding area is described as being minutes from Downtown Pensacola, Pensacola Beach, and local shopping, dining, and entertainment.
For buyers seeking an income-residential setup with privacy, this configuration can function as a combined owner’s residence over two upstairs apartments, or be evaluated for potential restoration of the original four-unit layout, subject to buyer verification and approvals. The outdoor space and historic character support a range of tenant and owner preferences, with future enhancements possible subject to applicable zoning, historic district requirements, and other regulations.
Set on an unusually deep lot, the property features a New Orleans-inspired courtyard with mature landscaping and greenery, providing a quiet outdoor setting for entertaining or dining. The surrounding area is described as being minutes from Downtown Pensacola, Pensacola Beach, and local shopping, dining, and entertainment.
For buyers seeking an income-residential setup with privacy, this configuration can function as a combined owner’s residence over two upstairs apartments, or be evaluated for potential restoration of the original four-unit layout, subject to buyer verification and approvals. The outdoor space and historic character support a range of tenant and owner preferences, with future enhancements possible subject to applicable zoning, historic district requirements, and other regulations.
Key Highlights
- Purpose‑built circa 1919 fourplex in Historic North Hill with flexible multi‑living setup and potential to restore the original layout
- Downstairs units combined into an approx. 2,800 SF owner’s residence with 4 bedrooms and 2 bathrooms
- Two upstairs apartments of approx. 1,500 SF each, with 2 bedrooms and 1 bathroom per unit
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
3
Residential units
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 - Built circa 1919, this property offers flexible multi-living space with separate entrances, metering, and outdoor courtyard living.
Where is this triplex located?
The property is located at 208 West Strong Street 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: Purpose‑built circa 1919 fourplex in Historic North Hill with flexible multi‑living setup and potential to restore the original layout; Downstairs units combined into an approx. 2,800 SF owner’s residence with 4 bedrooms and 2 bathrooms; Two upstairs apartments of approx. 1,500 SF each, with 2 bedrooms and 1 bathroom per unit
