Historic Brick
For Sale
$875,000
401 N Barcelona St, Pensacola, FL 32501
Residential Income, Pensacola, FL
Property Size3,108 SF
Price / SF$281.53
Days on Market54
Property Features for 401 N Barcelona St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
Res Multi
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 1, Bedroom 2, Bathroom 1, Bedroom 5, Bedroom 3, Bedroom 6, Bedroom 4, Bathroom 3, Bathroom 2
Parking features
Parking Lot
Window features
Blinds
Patio and Porch features
Porch, Patio
Interior features
Baseboards, Crown Molding, High Speed Internet
Appliances
Water Heater, Electric Water Heater, Dryer, Washer, Built In Microwave, Disposal, Microwave, Refrigerator
Subdivision
Belmont Tract
Lot features
Corner Lot
Elementary school
Global Learning Academy
Middle school
WORKMAN
High school
Pensacola
Directions
From Downtown Pensacola: Head toward W Gregory St Turn right onto W Gregory St Turn right onto N Barcelona St Destination will be on the left
Standard status
Active
APN
000S009010200014
Size
3,108 SF
Taxes and HOA fees
Tax Description
E 100 FT OF LTS 20 21 & 22 BLK 14 BELMONT TRACT OR 5866 P 309 CA 95
Legal Description
E 100 FT OF LTS 20 21 & 22 BLK 14 BELMONT TRACT OR 5866 P 309 CA 95
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Multi Units, Central Air, Ceiling Fan(s)
Water source
Public
Amenities
mature shade trees
dedicated side parking
covered front porch
private backyard access
in-unit washers and dryers
ceiling fans
Building Details
Year built
1940
Floors in Building
2
Number of units
4
Flooring type
Tile, Hardwood
Building materials
Brick, Frame
Roof type
Shingle
Listing Agency:
Levin Rinke Realty
(850) 916-5050
Listed By:
Tonya Zimmern · License #15277
(850) 916-7188
Added: Jul 30
Changed: Sep 20
Last Checked: Sep 21 at 9:06AM
MLS# 686716
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.
Built in 1940, this 3,108-square-foot brick quadplex includes two one-bedroom, one-bath apartments on the lower level and two two-bedroom, one-bath apartments upstairs. The downstairs residences have separate covered-porch entries, while the upper units connect through a shared interior stairway and provide access to the backyard. Hardwood flooring, granite kitchen countertops, crown molding, baseboards, and ceiling fans are found throughout the property. Three apartments have in-unit laundry, and each residence is separately metered for utilities.
The property occupies a large lot enclosed by a wrought iron fence, with front and rear green space, mature shade trees, and dedicated parking. The shingle roof was replaced in 2021, and recent appliance or HVAC updates include work in Units 1, 3, and 4. Three units are leased with terms ending between June and August, while the upstairs two-bedroom unit is vacant. Zoned R-NCB (Residential/Neighborhood Commercial), the property is near downtown Pensacola shopping, restaurants, and Blue Wahoos Stadium.
The property occupies a large lot enclosed by a wrought iron fence, with front and rear green space, mature shade trees, and dedicated parking. The shingle roof was replaced in 2021, and recent appliance or HVAC updates include work in Units 1, 3, and 4. Three units are leased with terms ending between June and August, while the upstairs two-bedroom unit is vacant. Zoned R-NCB (Residential/Neighborhood Commercial), the property is near downtown Pensacola shopping, restaurants, and Blue Wahoos Stadium.
Key Highlights
- 3,108‑square‑foot brick quadplex built in 1940
- Two 1‑bedroom, 1‑bath units and two 2‑bedroom, 1‑bath units
- Three units leased; lease end dates range from June through August
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
$30,589
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
3.50%
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%
$611,780
$611.8K
Cap Rate 7%
$436,986
$437.0K
Cap Rate 9%
$339,878
$339.9K
Market Conditions
NOI Build-Up for 3,108 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
$50.3K $16.20/SF
− Vacancy
−$6.7K −$2.14/SF
EGI
$43.7K $14.06/SF
− OpEx
−$13.1K −$4.22/SF
NOI
$30.6K $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%
$611,780
Cap Rate 7%
$436,986
Cap Rate 9%
$339,878
Alternative Uses
Best Use
Multifamily LT 5
$437.0K
$382.4K – $509.8K
NOI $30,589 @ 7.0% cap · market cap 3.50%
Second Best
Apartment 5plus
$401.2K
$351.0K – $468.0K
NOI $28,082 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$912.2K
$798.1K – $1.06M
NOI $63,851 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,021
Businesses Nearby
Explore this area
Business Placement
Demographics for 32501, FL
10,960
Population
5,505
Households
2
Avg Household Size
41
Median Age
30%
College-Educated
86%
High-School Grad
3.7 sq mi
ZIP Area
2,962
Density / Sq Mi
$39,127
Median Household Income
$31,312
Median Earnings
$964
Median Rent
$277,500
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?
Quadplex - Four-unit property with separately metered utilities, off-street parking, and a mix of one- and two-bedroom apartments.
Where is this quadplex located?
The property is located at 401 N Barcelona St Pensacola, FL.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 3,108‑square‑foot brick quadplex built in 1940; Two 1‑bedroom, 1‑bath units and two 2‑bedroom, 1‑bath units; Three units leased; lease end dates range from June through August
