Modern Duplex with Two 3-Bed
For Sale
$599,000
305 N Pace Blvd, Pensacola, FL 32505
MULTI_FAMILY - Pensacola, FL
Property Size2,566 SF
Price / SF$233.44
Days on Market141
Property Features for 305 N Pace Blvd
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 5, Bathroom 3, Bedroom 4, Bedroom 2, Bedroom 6, Bathroom 1, Bathroom 4, Bedroom 1, Bathroom 2
Lot features
Corner Lot
Elementary school
Global Learning Academy
Middle school
WORKMAN
High school
Washington
Directions
From downtown Pensacola: Head west on W Garden St Turn left onto N Pace Blvd Continue north - property will be on the left
Standard status
Active
APN
000S009060004145
Size
2,566 SF
Taxes and HOA fees
Tax Description
LT 22 & S 30.5 FT OF LT 23 & S 30.5 FT OF E 11.56 FT OF LT 24 BLK 145 WEST KING TRACT OR 8808 P 343 LESS RD R/W E OF LT 22 CA 125
Legal Description
LT 22 & S 30.5 FT OF LT 23 & S 30.5 FT OF E 11.56 FT OF LT 24 BLK 145 WEST KING TRACT OR 8808 P 343 LESS RD R/W E OF LT 22 CA 125
Utilities
Cooling system
Central Air, Multi Units
Building Details
Year built
2025
Floors in Building
2
Number of units
2
Building materials
Block, Brick, Concrete
Roof type
Shingle
Listing Agency:
FMIG
(850) 889-2571
Listed By:
Faith Morgan
(850) 889-2571
Added: Mar 29
Changed: Aug 5
Last Checked: Aug 16 at 10:06AM
MLS# 680031
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 modern duplex features two spacious units with thoughtfully designed layouts, including open living spaces and contemporary finishes. Both units offer 3 bedrooms and 2 bathrooms, with Unit A at 1,324 SF and Unit B at 1,242 SF. Built in 2025, the property includes central air cooling and is constructed with block, brick, and concrete, topped with a shingle roof. One unit is already leased, while the second unit provides flexibility for additional rental income or owner occupancy.
Located at 305 N Pace Blvd in Pensacola, the duplex is positioned just minutes from downtown Pensacola and near shopping, dining, and major roadways. The listing notes no HOA.
Located at 305 N Pace Blvd in Pensacola, the duplex is positioned just minutes from downtown Pensacola and near shopping, dining, and major roadways. The listing notes no HOA.
Key Highlights
- Built in 2025 duplex with central air and shingle roof
- Unit A: 1,324 SF with 3 bedrooms and 2 bathrooms
- Unit B: 1,242 SF with 3 bedrooms and 2 bathrooms
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
$25,255
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
4.22%
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%
$505,100
$505.1K
Cap Rate 7%
$360,786
$360.8K
Cap Rate 9%
$280,611
$280.6K
Market Conditions
NOI Build-Up for 2,566 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
$41.6K $16.20/SF
− Vacancy
−$5.5K −$2.14/SF
EGI
$36.1K $14.06/SF
− OpEx
−$10.8K −$4.22/SF
NOI
$25.3K $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%
$505,100
Cap Rate 7%
$360,786
Cap Rate 9%
$280,611
Alternative Uses
Best Use
Multifamily LT 5
$360.8K
$315.7K – $420.9K
NOI $25,255 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$331.2K
$289.8K – $386.4K
NOI $23,185 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$753.1K
$659.0K – $878.6K
NOI $52,716 @ 7.0% cap · market cap 8.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,327
Businesses Nearby
Explore this area
Business Placement
Demographics for 32505, FL
28,671
Population
12,278
Households
2.3
Avg Household Size
36
Median Age
14%
College-Educated
82%
High-School Grad
13.0 sq mi
ZIP Area
2,205
Density / Sq Mi
$41,039
Median Household Income
$27,950
Median Earnings
$1,053
Median Rent
$120,300
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?
Duplex - New-construction duplex with central air, two 3-bedroom, 2-bath units, and one unit already leased.
Where is this duplex located?
The property is located at 305 N Pace Blvd Pensacola, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Built in 2025 duplex with central air and shingle roof; Unit A: 1,324 SF with 3 bedrooms and 2 bathrooms; Unit B: 1,242 SF with 3 bedrooms and 2 bathrooms
