Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    945 Michigan Ave Pensacola, FL 32505-2345

    • Retail space
    • 4,802 SF
    • 3.90 lot acres
    OFF-MARKET
    Value Estimations
    $595,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3891167
    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

    • Direct Lending Inc / Loan Service / Bank
    • The Shepreneur Club / Business Service Center
    • Prosthodontic Innovations LLC / Dental Office
    • Express Dental Lab / Dental Office
    • Globe Life Liberty National Division: The Lambeth Agencies / Insurance Agency

    Property Details for 945 Michigan Ave

    Year built
    1993
    Construction
    WOOD
    Lot size
    3.90 lot acres
    Property size
    4,802 SF
    Zone code
    HC/LI,HDMU
    Property type
    Retail space
    APN
    52-1S-30-3000-000-000
    APU
    521S303000000000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $596,000
      Market price range: $232k - $597k
      AI Estimate
      $596,000
      Market price range: $232k - $597k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $410,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $740,000
      Change: +81% Conversion: Moderate
      OFFICE BUILDING
      $655,000
      Change: +60% Conversion: Easy
      AUTO REPAIR, GARAGE
      $610,000
      Change: +49% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Pensacola
    County
    Escambia
    State
    Florida
    Longitude
    -87.2684
    Latitude
    30.461
    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
    $16,155
    $0.00
    $0.00
    $1,115,821
    -
    $260,065
    $855,756
    $1,115,821

    Comparable in this City

    • Value Estimation
      $1,865,000
      38,660 SF

      6120 Pensacola Blvd

      RETAIL STORES (PERSONAL SERVICES) • 38,660 SF
      6120 Pensacola Blvd, Pensacola, FL 32505-2212
      View Details
    • Value Estimation
      $615,000
      5,940 SF

      6794 Pensacola Blvd

      RETAIL STORES (PERSONAL SERVICES) • 5,940 SF
      6794 Pensacola Blvd, Pensacola, FL 32505-1708
      View Details
    • Value Estimation by Request
      3,136 SF

      1821 T St

      RETAIL STORES (PERSONAL SERVICES) • 3,136 SF
      1821 T St, Pensacola, FL 32505-5948
      View Details
    • Value Estimation by Request
      6,862 SF

      2401 T St

      RETAIL STORES (PERSONAL SERVICES) • 6,862 SF
      2401 T St, Pensacola, FL 32505-5700
      View Details
    • Value Estimation
      $1,450,000
      16,903 SF

      2601 Pace Blvd

      RETAIL STORES (PERSONAL SERVICES) • 16,903 SF
      2601 Pace Blvd, Pensacola, FL 32505-5601
      View Details
    • Value Estimation
      $775,000
      16,069 SF

      903 Lookout Dr

      RETAIL STORES (PERSONAL SERVICES) • 16,069 SF
      903 Lookout Dr, Pensacola, FL 32505-2433
      View Details

    Similar Nearby for Sale

    • $1,750,000
      3,000 SF

      Prime Pensacola Retail Opportunity

      Retail property in central Pensacola with high traffic.
      2800 W Fairfield Dr, Pensacola, FL 32505
      View Details
    • $315,000
      1,948 SF

      Retail Property on Mobile Highway

      Retail property with potential for two tenants.
      3409 Mobile Hwy, Pensacola, FL 32505
      View Details
    • $599,000
      3,840 SF

      Renovated Retail Building on Pace

      Freestanding renovated retail building with parking and security features.
      3391 N Pace Blvd, Pensacola, FL 32505
      View Details
    • $679,000
      2,800 SF

      Michigan Ave Retail Opportunity

      Prime Pensacola retail, 5 acres, high traffic
      1090 Michigan Ave, Pensacola, FL 32505
      View Details
    • $895,000
      18,346 SF

      Pensacola Retail Redevelopment Opportunity

      Two-acre retail site, 18,346 SF, high potential.
      1900 T St, Pensacola, FL 32505
      View Details
    • $199,000
      4,626 SF

      Redevelopment Opportunity on Corner Lot

      Former machine shop on 0.61 acres with development potential.
      3305 Mobile Hwy, Pensacola, FL 32505
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      32,450 SF

      Pensacola Retail Strip Center

      32,450 SF retail center with high visibility and access.
      5800 N W St, Pensacola, FL 32505
      View Details
    • $15 SF/Yr
      1,171 SF

      Freestanding Building on Beverly Parkway

      Freestanding retail building centrally located with high traffic counts.
      815 Beverly Pkwy, Pensacola, FL 32505
      View Details
    • $3,000 /Mo
      1,756 SF

      Retail Space on Fairfield Drive

      Versatile commercial space with high visibility and ample parking.
      3101 W Fairfield Dr, Pensacola, FL 32505
      View Details
    • $20 SF/Yr
      3,600 SF

      Prime Commercial Space For Lease

      Office/retail space with high visibility on a busy commercial corridor.
      275 W Airport Blvd, Pensacola, FL 32505
      View Details
    • $9 SF/Yr
      3,066 SF

      Pensacola Retail and Warehouse Space

      Retail and warehouse space in established Pensacola shopping center.
      3300 N Pace Blvd, Pensacola, FL 32505
      View Details
    • $3,800 /Mo
      3,386 SF

      Versatile Retail/Office/Workshop Space Available

      Adaptable space suitable for retail, office, or workshop use.
      701 V St N, Pensacola, FL 32505
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    945 Michigan Ave
    Pensacola, FL 32505-2345
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.