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Golf Club Villas 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
12-unit, all 2BR/2BA multifamily in West Pensacola. 100% occupied, below-market rents, single-floorplan operating profile. Offered at $1,250,000 ($104,167/unit, $91.03/SF gross).
INVESTMENT SUMMARY
Price: $1,250,000
Price/Unit: $104,167
Price/SF: $91.03 (13,732 SF gross / 12,852 SF rentable)
Units: 12, all 2BR/2BA
Year Built: 1995
Occupancy: 100%
Avg Rentable SF/Unit: 1,071
Current Avg Rent: $1,140 | Market Rent: $1,250
Year 1 Adjusted Cap: 6.95%
Year 3 Stabilized Cap: 8.51%
THE OPPORTUNITY
Golf Club Condos pairs in-place cash flow with a clear mark-to-market path. Rents average $1,140 against market of $1,250, roughly 10% below where comparable 2BR/2BA product leases. Area comps average about $1.26/SF versus the property's $1.06/SF, so renewals and turnover carry upside without heavy capital. The all-2/2 mix keeps operations simple and supports strong retention. The property has a mix of renovated and non-renovated units, so remaining classic units offer a straightforward renovate-and-lift path as they turn.
NOI grows from a a Year 1 adjusted $86,832 and a Year 3 stabilized $106,384 as rents reach market.
LOCATION
Fronts the W Michigan Ave corridor (about 35,000 vehicles/day) with direct access to I-10, Pensacola International Airport (about 5 miles, 16,200+ employees), downtown Pensacola, and NAS Pensacola. Steady year-round demand from military personnel, commuters, and long-term residents. Nearby retail includes Cordova Mall, Publix, Walmart Neighborhood Market, and Lowe's.
CONTACT
Gabriel Pena, AVP | (954) 204-0115 | gabriel.pena@matthews.com | FL Lic. SL3492043
Austin Graham, FVP | (404) 445-1091 | austin.graham@matthews.com | GA Lic. 408272
Kyle Matthews, Broker of Record | FL Lic. BK3554632 | Firm CQ1066435
INVESTMENT SUMMARY
Price: $1,250,000
Price/Unit: $104,167
Price/SF: $91.03 (13,732 SF gross / 12,852 SF rentable)
Units: 12, all 2BR/2BA
Year Built: 1995
Occupancy: 100%
Avg Rentable SF/Unit: 1,071
Current Avg Rent: $1,140 | Market Rent: $1,250
Year 1 Adjusted Cap: 6.95%
Year 3 Stabilized Cap: 8.51%
THE OPPORTUNITY
Golf Club Condos pairs in-place cash flow with a clear mark-to-market path. Rents average $1,140 against market of $1,250, roughly 10% below where comparable 2BR/2BA product leases. Area comps average about $1.26/SF versus the property's $1.06/SF, so renewals and turnover carry upside without heavy capital. The all-2/2 mix keeps operations simple and supports strong retention. The property has a mix of renovated and non-renovated units, so remaining classic units offer a straightforward renovate-and-lift path as they turn.
NOI grows from a a Year 1 adjusted $86,832 and a Year 3 stabilized $106,384 as rents reach market.
LOCATION
Fronts the W Michigan Ave corridor (about 35,000 vehicles/day) with direct access to I-10, Pensacola International Airport (about 5 miles, 16,200+ employees), downtown Pensacola, and NAS Pensacola. Steady year-round demand from military personnel, commuters, and long-term residents. Nearby retail includes Cordova Mall, Publix, Walmart Neighborhood Market, and Lowe's.
CONTACT
Gabriel Pena, AVP | (954) 204-0115 | gabriel.pena@matthews.com | FL Lic. SL3492043
Austin Graham, FVP | (404) 445-1091 | austin.graham@matthews.com | GA Lic. 408272
Kyle Matthews, Broker of Record | FL Lic. BK3554632 | Firm CQ1066435
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 | $1,175 | 1,075 |
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 | $2,300,243 |
Property Taxes
Parcel Numbers
Land Assessment
$68,328
Improvements Assessment
$2,154,430
Total Assessment
$2,300,243
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Golf Club Villas | 2303 W Michigan Ave
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