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    Pensacola Multifamily Investment Opportunity Title is generated by Realmo AI

    8650 Jernigan Rd, Pensacola, FL 32514

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    39-unit multifamily property in Pensacola's Ferry Pass neighborhood.

    Type:Multifamily
    Added:
    Apr 8, 2026
    Days on Market:
    60
    Last Refresh:
    Apr 8 at 8:00 pm

    Property Features for 8650 Jernigan Rd

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Josh Jacobs
    Josh Jacobs

    Listing agent Josh Jacobs License #License(s): AL: 000100755-0

    Listing office Marcus & Millichap | Fort Lauderdale

    Listing date Apr 8, 2026

    Source Marcusmillichap

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap | Fort Lauderdale

    HighLights

    • Value‑add potential with proven rental increases of up to 35% achieved on renovated units.
    • Opportunity to develop at least 8 additional units on the existing property footprint.
    • Located in the desirable Ferry Pass neighborhood of Pensacola, close to major employers like the University of West Florida and hospitals.
    • Strong Pensacola market fundamentals with robust in‑migration, job growth, and high multifamily occupancy rates.
    • Day one cash flow.
    • Proximity to entertainment, beaches, downtown Pensacola, and recreational parks.

    Overview

    The Bennett Apartments, located in Pensacola, FL, presents an opportunity to acquire 39 multifamily units. Constructed in phases during the 1970s and 1980s, the property consists of 38 single-level duplex units and one four-bedroom house. The property is located in the Ferry Pass neighborhood, offering accessibility and convenience. Key job drivers are nearby, including the University of West Florida (3-miles away), Baptist and Ascension Sacred Heart hospitals, and NAS Pensacola. Entertainment options include Gulf beaches, downtown Pensacola's dining and cultural scene, shopping districts, and recreational parks. Escambia County public schools, including Ferry Pass Elementary, serve the area. The area's median household income is approximately $66,644. Within a 3-mile radius, average home values hover around $250,000. The property offers potential for top line growth via a continued interior value-add program. There is a pathway towards increasing the overall unit count via additional construction of at least 8 more units. The property is positioned as an attractive alternative in a balanced market. Pensacola experiences in-migration from high-cost states and other regions. Recent job growth of over 2 percent annually across defense, healthcare, education, and emerging sectors like logistics continues to expand the labor force. Multifamily occupancy is holding strong near 95 percent.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Pensacola
    County
    Escambia
    State
    Florida
    Longitude
    -87.2351302
    Latitude
    30.5247019

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    FAQs

    What type of property is this?
    Multifamily property - 39-unit multifamily property in Pensacola's Ferry Pass neighborhood.
    Where is this multifamily property located?
    The property is located at 8650 Jernigan Rd Pensacola, FL.
    What are key features of this property?
    This property features: Value‑add potential with proven rental increases of up to 35% achieved on renovated units.; Opportunity to develop at least 8 additional units on the existing property footprint.; Located in the desirable Ferry Pass neighborhood of Pensacola, close to major employers like the University of West Florida and hospitals.
    (205) 510-9120
    We can help!
    Listing Contact
    Josh Jacobs
    Josh Jacobs
    Real Estate License ID: License(s): AL: 000100755-0
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    8650 Jernigan Rd, Pensacola, FL 32514
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