Multifamily Property with Detached
New
For Sale
$375,000
298 Cartwright Ave, Pensacola, FL 32507
Residential Income, Pensacola, FL
Property Size1,950 SF
Lot Size0.35 Acres
Price / SF$192.31
Days on Market3
Property Features for 298 Cartwright Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
County, Res Multi
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking
2
Parking features
On Street, Garage
Patio and Porch features
Deck
Interior features
Ceiling Fan(s)
Appliances
Water Heater, Electric Water Heater, Refrigerator
Subdivision
Vichy Springs
Lot features
Central Access, Corner Lot
Elementary school
Warrington Elementary
Middle school
WARRINGTON
High school
Pensacola
Directions
Head W on Barrancas towards NAS, Left on Live Oak, Right on E Palmetto. Property is on the corner of Palmetto and Cartwright Ave
Standard status
Active
APN
502S307050070009
Size
1,950 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Description
S 37 FT OF LTS 7 8 9 AND W 17 FT 8 IN OF N 105 FT OF LT 9 AND ALL LTS 10 11 12 BLK 9 VICHY SPRINGS PLAT DB 64/94 P 359/369 OR 6244 P 2 SEC 51 T 2S R 30 CA 210
Legal Description
S 37 FT OF LTS 7 8 9 AND W 17 FT 8 IN OF N 105 FT OF LT 9 AND ALL LTS 10 11 12 BLK 9 VICHY SPRINGS PLAT DB 64/94 P 359/369 OR 6244 P 2 SEC 51 T 2S R 30 CA 210
Utilities
Sewer type
Public Sewer, Septic Tank
Heating system
Central
Cooling system
Window Unit(s), Wall/Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1985
Floors in Building
1
Number of units
3
Flooring type
Hardwood, Vinyl, Carpet
Building materials
Block, Brick, Frame
Roof type
Shingle, Built-Up
Listing Agency:
Gulf Coast Home Experts, LLC
(850) 332-6089
Listed By:
Cynthia Tant
(850) 393-5134
Added: Sep 5
Changed: Sep 6
Last Checked: Sep 7 at 7:06AM
MLS# 688613
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 multifamily property combines a 1,208-square-foot, three-bedroom, one-bath brick residence at 298 Cartwright Ave with two separate two-story apartments totaling approximately 1,950 square feet at 300 Cartwright. The configuration provides distinct living areas across two addresses, along with a two-car garage and additional on-street parking. Construction and interior finishes include brick, block, frame, hardwood, vinyl, and carpet, with central heating and a mix of central and wall or window cooling systems.
The property occupies a 0.35-acre corner lot with multifamily zoning and public water service. It offers access to Navy Boulevard, Downtown Pensacola, NAS Pensacola, Pensacola Bay, shopping, restaurants, employment centers, and the Gulf Coast. The property is being offered as-is, with the seller unable to make repairs.
The property occupies a 0.35-acre corner lot with multifamily zoning and public water service. It offers access to Navy Boulevard, Downtown Pensacola, NAS Pensacola, Pensacola Bay, shopping, restaurants, employment centers, and the Gulf Coast. The property is being offered as-is, with the seller unable to make repairs.
Key Highlights
- Two addresses with separate living areas at 298 and 300 Cartwright Ave
- Main residence includes 1,208 square feet, 3 bedrooms, and 1 bath
- Detached apartments provide two separate two‑story units totaling approximately 1,950 square feet
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
$19,192
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
5.12%
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%
$383,840
$383.8K
Cap Rate 7%
$274,171
$274.2K
Cap Rate 9%
$213,244
$213.2K
Market Conditions
NOI Build-Up for 1,950 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
$31.6K $16.20/SF
− Vacancy
−$4.2K −$2.14/SF
EGI
$27.4K $14.06/SF
− OpEx
−$8.2K −$4.22/SF
NOI
$19.2K $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%
$383,840
Cap Rate 7%
$274,171
Cap Rate 9%
$213,244
Alternative Uses
Best Use
Multifamily LT 5
$274.2K
$239.9K – $319.9K
NOI $19,192 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$251.7K
$220.2K – $293.7K
NOI $17,619 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$572.3K
$500.8K – $667.7K
NOI $40,061 @ 7.0% cap · market cap 10.68%
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
305
Businesses Nearby
Explore this area
Business Placement
Demographics for 32507, FL
31,215
Population
19,131
Households
1.6
Avg Household Size
44
Median Age
32%
College-Educated
91%
High-School Grad
27.9 sq mi
ZIP Area
1,119
Density / Sq Mi
$69,802
Median Household Income
$38,000
Median Earnings
$1,238
Median Rent
$267,100
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?
Multifamily property - Two addresses provide separate living areas with a detached apartment component and on-site garage.
Where is this multifamily property located?
The property is located at 298 Cartwright Ave Pensacola, FL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two addresses with separate living areas at 298 and 300 Cartwright Ave; Main residence includes 1,208 square feet, 3 bedrooms, and 1 bath; Detached apartments provide two separate two‑story units totaling approximately 1,950 square feet
