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    Property profile & analytics

    2829 Michigan Ave Pensacola, FL 32526-1882

    • Community centers
    • 13,099 SF
    • 0.92 lot acres
    OFF-MARKET
    Value Estimations
    $1,425,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3533553
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Family Dollar / Discount Store
    • Papa John's Pizza / Restaurant
    • Levels / Clothing & Fashion Store
    • U&F Roofing Services / Roofing Company / General Contractor

    Property Details for 2829 Michigan Ave

    Year built
    2007
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.92 lot acres
    Property size
    13,099 SF
    Zone code
    COM
    Property type
    Community centers
    Property subtype
    Shopping centers
    APN
    13-2S-30-1204-030-003
    APU
    132S301204030003

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,426,000
      Market price range: $922k - $3.06M
      AI Estimate
      $1,426,000
      Market price range: $922k - $3.06M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $2,020,000
      Current use
      AUTO REPAIR, GARAGE
      $1,840,000
      Change: -9% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,790,000
      Change: -11% Conversion: Easy
      OFFICE BUILDING
      $1,780,000
      Change: -12% Conversion: Moderate
      RETAIL STORES
      $1,665,000
      Change: -18% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Pensacola
    County
    Escambia
    State
    Florida
    Longitude
    -87.2897
    Latitude
    30.4605
    CBSA code
    37860
    CBSA name
    PENSACOLA-FERRY PASS-BRENT, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $12,430
    $0.00
    $0.00
    $886,452
    -
    $148,126
    $738,326
    $886,452

    Comparable in this City

    • Value Estimation
      $2,625,000
      19,868 SF

      6675 Pne Frst Rd

      MINI-MALL • 19,868 SF
      6675 Pne Frst Rd, Pensacola, FL 32526-9180
      View Details
    • Value Estimation by Request
      3,464 SF

      7846 Pne Frst Rd

      MINI-MALL • 3,464 SF
      7846 Pne Frst Rd, Pensacola, FL 32526-8889
      View Details
    • Value Estimation
      $1,600,000
      8,150 SF

      2400 Michigan Ave

      MINI-MALL • 8,150 SF
      2400 Michigan Ave, Pensacola, FL 32526-2222
      View Details
    • Value Estimation
      $650,000
      6,240 SF

      7841 Pne Frst Rd

      MINI-MALL • 6,240 SF
      7841 Pne Frst Rd, Pensacola, FL 32526-8726
      View Details
    • Value Estimation by Request
      7,534 SF

      5950 Nine Mile Rd

      Lifestyle centers • 7,534 SF
      5950 Nine Mile Rd, Pensacola, FL 32526
      View Details
    • Value Estimation
      $1,880,000
      8,050 SF

      5998 Mobile Hwy

      MINI-MALL • 8,050 SF
      5998 Mobile Hwy, Pensacola, FL 32526-1873
      View Details

    Similar Nearby for Sale

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      1,000 SF

      Prime Pensacola Gas Station

      Profitable gas station, 1-acre lot, high traffic area.
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      Versatile Commercial/Residential Property For Sale

      Well-maintained 1,639 sq ft property with HDMU zoning.
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    • $825,000
      3,755 SF

      Prime Pensacola Retail Corner

      High-traffic location, 3,755 SF building, redevelopment potential.
      7850 Pine Forest Rd, Pensacola, FL 32526
      View Details
    • Contact for pricing
      17,183 SF

      New Retail Development on 9 Mile

      Under construction mixed-use development on high-traffic 9 Mile Road.
      3811 W Nine Mile Rd, Pensacola, FL 32526
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      Income-Producing Commercial Property For Sale

      Commercial property with restaurant and duplex on Pine Forest Road.
      7445 Pine Forest Rd, Pensacola, FL 32526
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    • $599,000
      3,755 SF

      Corner Property Near Interstate 10

      Commercially zoned property suitable for retail, office, or redevelopment.
      7850 Pine Forest Rd, Pensacola, FL 32526
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,500 SF

      Retail Space on Pine Forest

      1,500 SF retail space available near Interstate 10.
      7841 Pine Forest Rd, Pensacola, FL 32526
      View Details
    • $18 SF/Yr
      3,500 SF

      Retail Space Near Walmart Market

      Retail space available in shadow center with high traffic.
      6705 Pine Forest Rd, Pensacola, FL 32526
      View Details
    • Contact for pricing

      New Shopping/Office Plaza Opportunity

      New shopping/office plaza with modern design, pre-leasing now.
      5950 W Nine Mile Rd, Pensacola, FL 32526
      View Details
    • $23 SF/Yr

      Retail Space in Publix Anchored Center

      Retail space available in Pensacola's Bellview Plaza shopping center.
      5998 Mobile Hwy, Pensacola, FL 32526
      View Details
    • $18 SF/Yr
      1,100 SF

      Pensacola Retail Space - 1100 SF

      High-traffic corner retail space available.
      5998 Saufley Field Rd, Pensacola, FL 32526
      View Details
    • Contact for pricing

      Retail Space in Shadow Center

      Retail space in a Walmart shadow center with high visibility.
      6705 Pine Forest Rd, Pensacola, FL 32526
      View Details
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    Pensacola, FL 32526-1882
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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.

    More about this property
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