Brand-New Duplex
For Sale
$599,000
309 N Pace Blvd, Pensacola, FL 32505
MULTI_FAMILY - Pensacola, FL
Property Size2,566 SF
Price / SF$233.44
Days on Market141
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 4, Bedroom 6, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 4, Bedroom 5, Bathroom 3, Bedroom 3
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
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 12:06PM
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.
This brand-new construction duplex was built in 2025 and features two units designed for functional, modern living. Construction materials include block, brick, and concrete, with a shingle roof. Both units are cooled with central air and each unit is laid out with three bedrooms and two bathrooms.
Unit A measures 1,324 square feet. Unit B measures 1,242 square feet. The property is located at 309 N Pace Blvd in Pensacola, in Escambia County.
With contemporary finishes throughout and a like-new exterior and roof from the 2025 build, the duplex offers a practical two-unit setup for owner-occupants or investors.
Unit A measures 1,324 square feet. Unit B measures 1,242 square feet. The property is located at 309 N Pace Blvd in Pensacola, in Escambia County.
With contemporary finishes throughout and a like-new exterior and roof from the 2025 build, the duplex offers a practical two-unit setup for owner-occupants or investors.
Key Highlights
- Built in 2025 brand‑new duplex at 309 N Pace Blvd, Pensacola
- Two units with central air and three bedrooms, two bathrooms each
- Unit A size 1,324 SF with open, functional layout
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
2
Residential units
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 - Newly built duplex with two central-air units, each featuring three bedrooms and two bathrooms.
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: Built in 2025 brand‑new duplex at 309 N Pace Blvd, Pensacola; Two units with central air and three bedrooms, two bathrooms each; Unit A size 1,324 SF with open, functional layout
