Triplex with Renovated
For Sale
$336,000
Pending
2303 Michigan, Pensacola, FL 32526
Residential Income, Pensacola, FL
Property Size1,014 SF
Days on Market152
Property Features for 2303 Michigan
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 3, Bedroom 6, Bedroom 5, Bathroom 1, Bathroom 6, Bedroom 1, Bathroom 4, Bathroom 2, Bathroom 5
Subdivision
Golf Club
Lot features
Central Access
Elementary school
Bellview
Middle school
BELLVIEW
High school
Pine Forest
Directions
off michigan
Standard status
Pending
APN
122S303500007005
Size
1,014 SF
Taxes and HOA fees
Tax Description
UNIT E-7 OF THE GOLF CLUB CONDOMINIUM PHASE 5 ALSO 1/64 INT IN COMMON ELEMENT OR 9266 P 16
Legal Description
UNIT E-7 OF THE GOLF CLUB CONDOMINIUM PHASE 5 ALSO 1/64 INT IN COMMON ELEMENT OR 9266 P 16
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1983
Floors in Building
2
Number of units
3
Flooring type
Simulated wood
Building materials
Frame
Roof type
Shingle
Listing Agency:
Levin Rinke Realty
(850) 916-5050
Listed By:
Christina Brunet Sabastia · License #13317
(850) 972-2343
Added: May 18
Changed: Sep 12
Last Checked: Oct 16 at 10:06PM
MLS# 682782
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.
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Investment Insights
Based on property information with market context.
This triplex contains three residential units, each arranged with two bedrooms and two bathrooms. Two residences have undergone complete renovations, while the remaining unit is clean, functional, and retains more of its original finish. All units feature central heating, central air conditioning, simulated wood flooring, frame construction, and shingle roofing.
Two units are currently leased, and the third is progressing through lease-up. Existing leases transfer to the new owner. The property was built in 1983 and is located at the Golf Club in Pensacola, with the units identified as E7, A6, and B1.
Two units are currently leased, and the third is progressing through lease-up. Existing leases transfer to the new owner. The property was built in 1983 and is located at the Golf Club in Pensacola, with the units identified as E7, A6, and B1.
Key Highlights
- Three two‑bedroom, two‑bath units included
- Two residences completely renovated
- Two units currently leased; third lease in process
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,980
Cap Rate
2.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$199,600
$199.6K
Cap Rate 7%
$142,571
$142.6K
Cap Rate 9%
$110,889
$110.9K
Market Conditions
NOI Build-Up for 1,014 SF
Gross rent
$16.4K $16.20/SF
− Vacancy
−$2.2K −$2.14/SF
EGI
$14.3K $14.06/SF
− OpEx
−$4.3K −$4.22/SF
NOI
$10.0K $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 Rate 5%
$199,600
Cap Rate 7%
$142,571
Cap Rate 9%
$110,889
Alternative Uses
Best Use
Multifamily LT 5
$142.6K
$124.8K – $166.3K
NOI $9,980 @ 7.0% cap · market cap 2.97%
Second Best
Apartment 5plus
$130.9K
$114.5K – $152.7K
NOI $9,162 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$297.6K
$260.4K – $347.2K
NOI $20,832 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
290
Businesses Nearby
Explore this area
Business Placement
Demographics for 32526, FL
43,029
Population
18,478
Households
2.3
Avg Household Size
41
Median Age
24%
College-Educated
93%
High-School Grad
58.4 sq mi
ZIP Area
737
Density / Sq Mi
$71,651
Median Household Income
$40,565
Median Earnings
$1,287
Median Rent
$230,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three two-bedroom, two-bath residences feature central heating and air conditioning, with two units currently leased.
Where is this triplex located?
The property is located at 2303 Michigan Pensacola, FL.
What is the asking price?
The asking price for this property is $336,000.
What are key features of this property?
This property features: Three two‑bedroom, two‑bath units included; Two residences completely renovated; Two units currently leased; third lease in process
