New Construction
For Sale
$599,000
309 N Pace Blvd, Pensacola, FL 32505
Residential Income, Pensacola, FL
Property Size2,566 SF
Price / SF$233.44
Days on Market188
Property Features for 309 N Pace Blvd
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 4, Bedroom 6, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 4
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
000S009060021145
Size
2,566 SF
Taxes and HOA fees
Tax Description
LT 21 & N 30.5 FT OF S 61 FT OF LT 23 & N 30.5 FT OF S 61 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 21 CA 125
Legal Description
LT 21 & N 30.5 FT OF S 61 FT OF LT 23 & N 30.5 FT OF S 61 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 21 CA 125
Utilities
Cooling system
Multi Units, Central Air
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 · License #ALABAMA000162267
(850) 393-9455
Added: Mar 29
Changed: Sep 12
Last Checked: Oct 2 at 11:06PM
MLS# 680032
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.
Completed in 2025, this duplex contains two separate residences within a 2,566-square-foot building. Unit A measures 1,324 square feet and Unit B measures 1,242 square feet; each offers three bedrooms, two bathrooms, open living areas, and contemporary finishes. Block, brick, and concrete construction, shingle roofing, and central air conditioning support the property's newer physical profile.
The property is located near downtown Pensacola, with shopping, dining, and major roadways also nearby. Its two-unit layout provides a defined residential income configuration while maintaining practical living space in each residence.
The property is located near downtown Pensacola, with shopping, dining, and major roadways also nearby. Its two-unit layout provides a defined residential income configuration while maintaining practical living space in each residence.
Key Highlights
- Two‑unit duplex completed in 2025
- 2,566 square feet total
- Unit A: 1,324 square feet; Unit B: 1,242 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
$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
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
734
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom residences feature open living areas, contemporary finishes, and individual central air systems.
Where is this duplex located?
The property is located at 309 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: Two‑unit duplex completed in 2025; 2,566 square feet total; Unit A: 1,324 square feet; Unit B: 1,242 square feet
