Duplex with Detached
New
For Sale
$189,000
4040 Wilkes St, Pace, FL 32571
Residential Income, Pace, FL
Property Size1,794 SF
Lot Size0.35 Acres
Price / SF$105.35
Days on Market5
Property Features for 4040 Wilkes St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Res Multi
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 3
Parking
2
Parking features
Carport
Patio and Porch features
Porch
Appliances
Electric Water Heater, Dishwasher, Refrigerator
Lot features
Central Access, Cul-De-Sac
Elementary school
Dixon
Middle school
SIMS
High school
Pace
Directions
HWY 90 TO STEPHENS RD, SOUTH ON STEPHENS AND EAST ON WILKES, PROPERTY IS AT END OF WILKES RD.
Standard status
Active
APN
231N291210056000010
Size
1,794 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Description
*UPDATED FOR 2026 TAX ROLL* LOT 1 BLK 56 FLORIDATOWN AS DES IN OR 3373 PG 182 & AS DES IN OR 4653 PG 1346LESS OR 4717 PG 724 (NKA LOTS #1.2 AKA PARCEL "A" & #1.1 AKA PARCEL "B")
Legal Description
*UPDATED FOR 2026 TAX ROLL* LOT 1 BLK 56 FLORIDATOWN AS DES IN OR 3373 PG 182 & AS DES IN OR 4653 PG 1346LESS OR 4717 PG 724 (NKA LOTS #1.2 AKA PARCEL "A" & #1.1 AKA PARCEL "B")
Utilities
Sewer type
Septic Tank
Heating system
Central
Cooling system
Window Unit(s), Wall/Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1925
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
Frame
Roof type
Shingle
Listing Agency:
REMAX Select Partners
(850) 995-0030
Listed By:
Elizabeth Ranieri-Sorrells · License #137235
(850) 501-5193
Added: Aug 26
Last Checked: Aug 30 at 2:06AM
MLS# 688075
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 duplex-style property combines a two-bedroom, two-bath main residence with a detached one-bedroom, one-bath apartment. The primary home includes a large kitchen, laundry area, tile flooring, a newer roof, and central air conditioning. The apartment has its own driveway and entrance, tile flooring, and a month-to-month lease in place. Both residences connect to a side two-car carport, while the lot also includes a storage shed and additional outdoor space.
Built in 1925, the main home has an effective age of 1970, and the detached apartment was built in 1970. The property encompasses 1,794 square feet on a 0.35-acre lot, with public water and septic service. R1M zoning, proximity to Highway 90, and access to Milton and Pensacola further define the property’s setting and use profile.
Built in 1925, the main home has an effective age of 1970, and the detached apartment was built in 1970. The property encompasses 1,794 square feet on a 0.35-acre lot, with public water and septic service. R1M zoning, proximity to Highway 90, and access to Milton and Pensacola further define the property’s setting and use profile.
Key Highlights
- 1,794‑square‑foot duplex‑style property on a 0.35‑acre lot
- Main residence offers 2 bedrooms and 2 full baths
- Detached 1‑bedroom, 1‑bath apartment built in 1970
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
$16,429
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
8.69%
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%
$328,580
$328.6K
Cap Rate 7%
$234,700
$234.7K
Cap Rate 9%
$182,544
$182.5K
Market Conditions
NOI Build-Up for 1,794 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
$24.8K $13.80/SF
− Vacancy
−$1.3K −$0.72/SF
EGI
$23.5K $13.08/SF
− OpEx
−$7.0K −$3.92/SF
NOI
$16.4K $9.16/SF
Area
Santa Rosa County, FL
Vacancy
5.20%
Lease Rate
$13.80 /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%
$328,580
Cap Rate 7%
$234,700
Cap Rate 9%
$182,544
Alternative Uses
Best Use
Multifamily LT 5
$234.7K
$205.4K – $273.8K
NOI $16,429 @ 7.0% cap · market cap 8.69%
Second Best
Apartment 5plus
$206.7K
$180.9K – $241.2K
NOI $14,469 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$441.8K
$386.5K – $515.4K
NOI $30,923 @ 7.0% cap · market cap 16.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
Explore this area
Business Placement
Demographics for 32571, FL
38,885
Population
15,041
Households
2.6
Avg Household Size
39
Median Age
33%
College-Educated
93%
High-School Grad
112.6 sq mi
ZIP Area
345
Density / Sq Mi
$89,137
Median Household Income
$46,400
Median Earnings
$1,186
Median Rent
$281,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences provide flexible occupancy options, covered parking, private access, and outdoor storage on a residentially zoned parcel.
Where is this duplex located?
The property is located at 4040 Wilkes St Pace, FL.
What is the asking price?
The asking price for this property is $189,000.
What are key features of this property?
This property features: 1,794‑square‑foot duplex‑style property on a 0.35‑acre lot; Main residence offers 2 bedrooms and 2 full baths; Detached 1‑bedroom, 1‑bath apartment built in 1970
