Duplex with Shared Water
For Sale
$219,000
907 N 57th Ave, Pensacola, FL 32506
MULTI_FAMILY - Pensacola, FL
Property Size1,880 SF
Price / SF$116.49
Days on Market344
Property Features for 907 N 57th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Res Multi
Patio and Porch features
Porch, Patio, Deck
Interior features
Baseboards, Ceiling Fan(s), High Speed Internet
Appliances
Electric Water Heater, Refrigerator
Subdivision
Myrtle Grove Park
Lot features
Interior Lot
Elementary school
Myrtle Grove
Middle school
WARRINGTON
High school
Escambia
Directions
From W. Fairfield Drive, turn l onto N 57th Ave. Property is .07 miles on the right.
Standard status
Active
APN
352S302500150012, 352S30250013
Size
1,880 SF
Taxes and HOA fees
Tax Description
LTS 15 16 BLK 12 MYRTLE GROVE PARK PB 1 P 22 OR 6628 P 1629 & N 25 FT OF LTS 12 13 14 BLK 12 MYRTLE GROVE PARK PB 1 P 22 OR 6628 P 1629
Legal Description
LTS 15 16 BLK 12 MYRTLE GROVE PARK PB 1 P 22 OR 6628 P 1629 & N 25 FT OF LTS 12 13 14 BLK 12 MYRTLE GROVE PARK PB 1 P 22 OR 6628 P 1629
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Natural Gas
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1940
Floors in Building
1
Number of units
2
Flooring type
Tile, Carpet, Simulated wood
Building materials
Frame
Roof type
Shingle, Composition
Additional Structures
Storage
Listing Agency:
Bay City Realty LLC
(850) 764-6800
Listed By:
Mehdi Moeini · License #FLORIDABK3464565
(850) 380-0877
Added: Sep 4, 2025
Changed: Aug 5
Last Checked: Aug 13 at 3:06AM
MLS# 670407
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.
Duplex property with two separate homes on one parcel, sharing one water meter while maintaining separate electric service. The 907 N 57th Ave home has 3 bedrooms and 2 baths, while 909 N 57th Ave has 1 bedroom and 1 bath. Heating and cooling differ by unit: 907 uses natural gas heating with central air and has a central HVAC and water heater, while 909 uses window AC units.
The property totals 1,880 square feet and was built in 1940. Construction is frame with shingle and composition roofing. Roof updates include replacement on 907 in 2019 for the house and 2018 for the shed, and roof replacement on 909 in 2016.
Both homes have outdoor space, including a porch, deck, and patio. Interior details include baseboards, ceiling fans, and high-speed internet; appliances include an electric water heater and refrigerator. Public water and a septic tank serve the property, and cable is available. Lease timelines include 907 expiring November 30th, 2026 and 909 expiring February 28th, 2027.
The property totals 1,880 square feet and was built in 1940. Construction is frame with shingle and composition roofing. Roof updates include replacement on 907 in 2019 for the house and 2018 for the shed, and roof replacement on 909 in 2016.
Both homes have outdoor space, including a porch, deck, and patio. Interior details include baseboards, ceiling fans, and high-speed internet; appliances include an electric water heater and refrigerator. Public water and a septic tank serve the property, and cable is available. Lease timelines include 907 expiring November 30th, 2026 and 909 expiring February 28th, 2027.
Key Highlights
- Two homes on one parcel share one water meter with separate electric service
- 907 N 57th Ave offers 3 bedrooms and 2 baths; 909 N 57th Ave offers 1 bedroom and 1 bath
- Roof replacement: 907 in 2019 (house) and 2018 (shed) and 909 in 2016
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
$18,503
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
8.45%
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%
$370,060
$370.1K
Cap Rate 7%
$264,329
$264.3K
Cap Rate 9%
$205,589
$205.6K
Market Conditions
NOI Build-Up for 1,880 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
$30.5K $16.20/SF
− Vacancy
−$4.0K −$2.14/SF
EGI
$26.4K $14.06/SF
− OpEx
−$7.9K −$4.22/SF
NOI
$18.5K $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%
$370,060
Cap Rate 7%
$264,329
Cap Rate 9%
$205,589
Alternative Uses
Best Use
Multifamily LT 5
$264.3K
$231.3K – $308.4K
NOI $18,503 @ 7.0% cap · market cap 8.45%
Second Best
Apartment 5plus
$242.7K
$212.3K – $283.1K
NOI $16,986 @ 7.0% cap · market cap 7.76%
Theoretical Best
Office A
$551.8K
$482.8K – $643.7K
NOI $38,623 @ 7.0% cap · market cap 17.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
191
Businesses Nearby
Explore this area
Business Placement
Demographics for 32506, FL
36,017
Population
16,625
Households
2.2
Avg Household Size
39
Median Age
24%
College-Educated
88%
High-School Grad
30.6 sq mi
ZIP Area
1,177
Density / Sq Mi
$59,978
Median Household Income
$36,216
Median Earnings
$1,280
Median Rent
$200,500
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 residences on one parcel share one water meter with separate electric service and distinct cooling setups.
Where is this duplex located?
The property is located at 907 N 57th Ave Pensacola, FL.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Two homes on one parcel share one water meter with separate electric service; 907 N 57th Ave offers 3 bedrooms and 2 baths; 909 N 57th Ave offers 1 bedroom and 1 bath; Roof replacement: 907 in 2019 (house) and 2018 (shed) and 909 in 2016
