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Golf Club Condos 2303 W Michigan Ave 12 Unit Apartment Building $1,250,000 ($104,167/Unit) 6.95% Cap Rate Pensacola, FL 32526
Investment Highlights
- In-place rents average $1,140 vs. market rents of $1,250 — ~10% mark-to-market upside
- Offered at $104,167/unit and $91.03/SF, below sales comp average of $112,700/unit
- Year 3 stabilized NOI of approximately $106,384 as operations are optimized
- All 12 units are 2BR/2BA at 100% occupancy — simple, highly rentable operating profile
- T-12 NOI of ~$65,479 grows to Year 1 adjusted NOI of ~$86,832 as rents mark to market
- Greater Pensacola market: 538,000+ population, 5.5% multifamily vacancy, 36% renter-occupied
Executive Summary
Kyle Matthews
Matthews Real Estate Investment Services, Inc
BK3554632, CQ1066435 (FL)
1600 West End Ave, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Matthews Real Estate Investment Services, Inc
BK3554632, CQ1066435 (FL)
1600 West End Ave, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Property Facts
| Price | $1,250,000 | Building Class | C |
| Price Per Unit | $104,167 | Lot Size | 0.57 AC |
| Sale Type | Investment | Building Size | 12,848 SF |
| Cap Rate | 6.95% | Average Occupancy | 92% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1995 |
| Property Subtype | Apartment | Parking Ratio | 1.87/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | HDR (High Density Res) | ||
| Price | $1,250,000 |
| Price Per Unit | $104,167 |
| Sale Type | Investment |
| Cap Rate | 6.95% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.57 AC |
| Building Size | 12,848 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built | 1995 |
| Parking Ratio | 1.87/1,000 SF |
| Zoning | HDR (High Density Res) |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 12 | - | - |
1 1
Somewhat walkable
30/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $2,154,430 | |
| Land Assessment | $68,328 | Total Assessment | $2,343,293 |
Property Taxes
Parcel Numbers
Land Assessment
$68,328
Improvements Assessment
$2,154,430
Total Assessment
$2,343,293
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