Triplex with Renovated
For Sale
$336,000
Pending
2303 Michigan, Pensacola, FL 32526
Residential Income, Pensacola, FL
Property Size1,014 SF
Days on Market107
Property Features for 2303 Michigan
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bedroom 4, Bedroom 5, Bedroom 6, Bathroom 4, Bedroom 2, Bathroom 5, Bedroom 3, Bathroom 6, Bathroom 1, Bathroom 3, Bathroom 2
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
(850) 972-2343
Added: May 18
Changed: Aug 27
Last Checked: Sep 1 at 2:06PM
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.
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 = 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
$9,980
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
2.97%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
