319 W Michigan Ave Pensacola FL 32505 | 599311

Initially constructed as a single family residence, this large home has been smartly converted into a multi-use investment property with enviable income, and an easily-achievable potential for more. The current layout consists of three efficiency vacation rentals and one small long-term rental, a large apartment (838 sf) that is owner occupied, and a monogram shop with a half bath (610 sf). Recent improvements include a new central heat pump/furnace (2019), full septic (2016), and water heater (2017). Each short term unit is equipped with its own fuse panel and mini split AC system. The entire building is singularly metered for electrical. There is a shared bilevel deck overlooking the private, well-manicured back yard. The largest upstairs apartment features an exposed beam, 13’ pine cathedral ceiling, open concept, premium kitchen with custom cabinets, spacious bedroom and garden tub bathroom. The full financials are available upon request. A snapshot looks like this: for 2021, gross operating income will be approximately $54,000 with an estimated $11,000 in expenses. Annual occupancy rate is 75% or better. Projected gross operating income after the monogram shop and large apartment are capitalized will be approximately $110,000. Currently, less than 50% of the available square footage is revenue generating. At maximum rental income upon ownership transfer, we estimate the cap rate to be approximately 20-22%. The monogram shop equipment is valued at approximately $14-16,000, although no value is being given to the income of the shop. There is one long term tenant in the smallest unit, and she generates $5400 per year in income. Her rental income has been included in the annual gross income estimate.

Property Details

Price:
$489,000
MLS #:
599311
Status:
Active
Beds:
0
Baths:
0.00
Address:
319 W Michigan Ave
Type:
Multi Family
City:
Pensacola
Listed Date:
Nov 3, 2021
State:
FL
ZIP:
32505
Subdivision:
Brentwood Park
Year Built:
1961

Schools

Elementary School:
Brentwood
Middle School:
Workman
High School:
Pensacola

Interior

Appliances
Electric Water Heater, Dishwasher, Electric Cooktop, Microwave, Refrigerator
Cooling
Ceiling Fan(s), Central Air, Wall/ Window Unit(s)
Flooring
Tile, Vinyl, Carpet
Heating
Central, Wall/ Window Unit(s)
Laundry Features
Inside

Exterior

Construction Materials
Vinyl Siding, Frame
Exterior Features
Balcony
Parking Features
Assigned, Driveway
Roof
Composition

Financial

Map

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