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319 W Michigan Ave

Pensacola, FL 32505
  • $489,000
  • STATUS: Active
  • ON SITE: 33 Days
  • MLS #: 599311
UPDATED: 84 min ago
$489,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1961
County:
Area:

School Information

Elementary School:
Middle School:
High School:

Description

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.

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© 2021 by the Multiple Listing Service of the Pensacola Association of REALTORS®. This information is believed to be accurate but is not guaranteed. Subject to verification by all parties. This data is copyrighted and may not be transmitted, retransmitted, copied, framed, repurposed, or altered in any way for any other site, individual and/or purpose without the express written permission of the Multiple Listing Service of the Pensacola Association of REALTORS®. Florida recognizes single and transaction agency relationships. Information Deemed Reliable But Not Guaranteed. Any use of search facilities of data on this site, other than by a consumer looking to purchase real estate, is prohibited. Data last updated: 2021-12-07T17:54:13.207.
www.levinrinkerealty.com/homes/122999427
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319 W Michigan Ave Pensacola, FL 32505

  • Price: $489,000
  • Status: Active
  • On Site: 33 Days
  • Updated: 84 min ago
  • MLS #: 599311
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1961
Built
Neighborhood:
Brentwood Park
County:
Escambia
Area:
Pensacola
Elementary School:
Brentwood
Middle School:
Workman
High School:
Pensacola
Property Description
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.
Exterior Features

Carport YN No Construction Materials Vinyl SidingFrame Exterior Features Balcony Fencing Back YardChain Link Foundation Details Slab Garage YN No Levels Two Lot Features Central AccessInterior Lot Open Parking YN Yes Parking Features AssignedDriveway Patio And Porch Features Covered Pool Features None Roof Composition Waterfront Features NoneNo Waterfront Features Waterfront YN No

Interior Features

Appliances Electric Water HeaterDishwasherElectric CooktopMicrowaveRefrigerator Cooling Ceiling Fan(S)Central AirWall/Window Unit(S) Cooling YN Yes Flooring TileVinylCarpet Heating CentralWall/Window Unit(S) Heating YN Yes Interior Features BaseboardsCathedral Ceiling(S)Ceiling Fan(S)High Speed InternetPlant LedgesWalk-In Closet(S)Office/Study Laundry Features Inside Room Kitchen Features Laminate Counters Window Features Blinds

Property Features

Building Area Total 3508 Building Name None Electric Circuit BreakersCopper Wiring Green Energy Efficient InsulationInsulated Walls Home Warranty YN No Lease Term 12 Months Listing Agreement Exclusive Right To Sell New Construction YN No Property Condition Resale Property Sub Type Other Road Responsibility County Maintained Road Sale Rent For Sale Security Features Smoke Detector(S) Sewer Septic Tank Special Listing Conditions As Is Utilities Cable Available Water Source Public Zoning Description CommercialIndustrial

Listing provided courtesy of Exp Realty, Llc.


© 2021 by the Multiple Listing Service of the Pensacola Association of REALTORS®. This information is believed to be accurate but is not guaranteed. Subject to verification by all parties. This data is copyrighted and may not be transmitted, retransmitted, copied, framed, repurposed, or altered in any way for any other site, individual and/or purpose without the express written permission of the Multiple Listing Service of the Pensacola Association of REALTORS®. Florida recognizes single and transaction agency relationships. Information Deemed Reliable But Not Guaranteed. Any use of search facilities of data on this site, other than by a consumer looking to purchase real estate, is prohibited. Data last updated: 2021-12-07T17:54:13.207.
 
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Levin Rinke Realty
10 Portofino Drive
Pensacola Beach FL, 32561