Multifamily Property with Detached
For Sale
$350,000
298 Cartwright Ave, Pensacola, FL 32507
Residential Income, Pensacola, FL
Property Size1,950 SF
Lot Size0.35 Acres
Price / SF$179.49
Days on Market48
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 2, Bathroom 1
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
Septic Tank, Public Sewer
Heating system
Central
Cooling system
Wall/Window Unit(s), 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: Oct 18
Last Checked: Oct 22 at 4:06PM
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.
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Investment Insights
Based on property information with market context.
This multifamily offering combines the residence at 298 Cartwright Ave with detached apartment space associated with 300 Cartwright. The main home contains approximately 1,208 square feet with 3 bedrooms and 1 bath. Separate detached apartments provide an additional 1,950 square feet across two stories, creating distinct living areas within the property. A 2-car garage, deck, central heating, and a mix of hardwood, vinyl, and carpet flooring are included.
The property occupies a 0.35-acre corner lot in Pensacola with multifamily zoning. It offers access to Navy Boulevard, Downtown Pensacola, NAS Pensacola, Pensacola Bay, shopping, restaurants, employment centers, and the Gulf Coast. The property is offered as-is, with the buyer responsible for verifying room measurements, materials, and renovation needs.
The property occupies a 0.35-acre corner lot in Pensacola with multifamily zoning. It offers access to Navy Boulevard, Downtown Pensacola, NAS Pensacola, Pensacola Bay, shopping, restaurants, employment centers, and the Gulf Coast. The property is offered as-is, with the buyer responsible for verifying room measurements, materials, and renovation needs.
Key Highlights
- Two addresses: 298 Cartwright Ave and associated 300 Cartwright property
- Main residence includes approximately 1,208 square feet, 3 bedrooms, and 1 bath
- Detached apartments add 1,950 square feet across two stories
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,192
Cap Rate
5.48%
Suggested Prices Based on Cap Rates
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
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 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 5.48%
Second Best
Apartment 5plus
$251.7K
$220.2K – $293.7K
NOI $17,619 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$572.3K
$500.8K – $667.7K
NOI $40,061 @ 7.0% cap · market cap 11.45%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
305
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Two addresses, a corner lot, and a 2-car garage support separate living arrangements.
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 $350,000.
What are key features of this property?
This property features: Two addresses: 298 Cartwright Ave and associated 300 Cartwright property; Main residence includes approximately 1,208 square feet, 3 bedrooms, and 1 bath; Detached apartments add 1,950 square feet across two stories
