For Sale
$449,000

3101 Mallory StPensacola, FL 32505

Six-unit apartment building, value-add opportunity.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a six-unit apartment building situated on a sizable 19,127 square foot lot in Pensacola, Florida. The property, built in 1971 and 1976, consists of two single-story buildings totaling 3,589 square feet of net rentable space. Currently vacant, the property offers a significant value-add potential. The exterior has recently undergone improvements including new roofs, windows, doors, and a fresh coat of paint. However, all six one-bedroom, one-bathroom units require substantial interior rehabilitation. The property boasts ten parking spaces and is zoned MDR. Located in an Opportunity Zone, this investment benefits from tax incentives. The asking price is $449,000, representing a price per unit of $74,833.33 and a price per square foot of $125.10. A pro-forma cap rate of 17.59% and a pro-forma NOI of $79,000 are projected. The property is conveniently located approximately ten minutes from the airport and downtown Pensacola, and twenty minutes from Pensacola Beach. The seller has paid all liens, ensuring a clear title. The property is sold as-is, with seller financing available. Principal end buyers only

Highlights

  • Six-unit multifamily property in Pensacola, FL, offered at $449,000.
  • Grandfathered zoning allows for multifamily use.
  • Property features new roofs, windows, doors, and exterior paint; interiors require complete rehab.
  • All units are one-bedroom, one-bathroom, with market rents of $1100-$1200/month.
  • Located near the airport, downtown, military base, and Pensacola Beach; previously rented to military personnel.
  • Property is vacant, AS-IS, free and clear of liens, and situated in an Opportunity Zone with upgraded infrastructure.

Property Details for 3101 Mallory St

Property type
Apartment buildings
Square Feet
3,589 SF
Class
D
Buildings
2
Stories
1
Units
6

Location Insight

City
Pensacola
County
Escambia
State
Florida
Latitude
30.429867250706
Longitude
-87.252510859883
3101 Mallory St, Pensacola, Florida

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3101 Mallory St
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