1515 Lakeview Ave Pensacola, FL 32503

Property Details for 1515 Lakeview Ave

Year built

1936

Property size

6,200 SF

Property type

Commercial real estate

Description

This exceptional East Hill, Pensacola multifamily property presents a unique investment opportunity. Located on desirable Lakeview Avenue, directly across from a well-maintained public park, this 1936-built, 2-story building underwent renovations in 2000. Boasting 6,200 square feet of net rentable space, the property comprises four units, currently at 100% occupancy until October 1, 2024. The building features a mix of period architecture and modern conveniences, including a six-car garage benefiting both owners and tenants. Unit A offers 1,600 square feet with an upscale kitchen, one bedroom, and two baths, while Units B, C, and D each include two bedrooms and two baths, with sunrooms and additional features. Apartment A's layout allows for a potential guest room conversion. An elevator connects Apartments A and C. The property sits on a 0.36-acre lot and is zoned residential. The current Net Operating Income (NOI) is $44,000, with potential for significant increase upon lease renewals in 2024. This property offers substantial value, with a price per square foot below the area's residential average. The building's location, combined with its size and features, makes it an ideal owner-user property, offering flexibility for various uses, including partial or full leasing. The asking price is $1,300,000.

Location Insight

City

Pensacola

County

Escambia

State

Florida

Longitude

-87.199606112379

Latitude

30.435087336965