618–658 S 72nd Avenue Is 13 Doors of West Pensacola Cash Flow.
A 13-unit multifamily property in Pensacola, Florida, offered at $1,700,000 — a 6.35% going-in cap rate built on trailing twelve-month actuals, not projections.
In-Place Income, Documented by the Trailing Twelve
618–658 S 72nd Avenue is a 13-unit multifamily property on Pensacola's west side, built in 1975 across three buildings and positioned in one of the Gulf Coast's most durable rental markets. The current rent roll produces $18,120 per month in contract rent, plus roughly $577 per month in ancillary income from water reimbursement, pet, application and late fees.
The property generates $107,981 in net operating income on $219,798 of effective gross income — a 6.35% going-in cap rate at the asking price of $1,700,000, or $130,769 per door. Every expense line in the statement below is a trailing twelve-month actual through June 2026. The only assumption in the entire statement is the management fee.
The mix runs eleven 2-bed/1.5-bath units and two 3-bed/3-bath units — family-sized floor plans that stay chronically undersupplied in workforce rental stock. Water is billed back to residents, holding the utility load below what a fully owner-paid building of this vintage would carry. Pensacola's rental base is anchored by demand drivers that don't move with the cycle: NAS Pensacola and its military and civilian workforce, two major hospital systems, the Port of Pensacola, and the University of West Florida.
The Numbers at a Glance
$130,769 per unit on 13 doors.
$18,120 monthly · $1,394 average contract rent per unit.
Net of 2.1% economic loss, plus ancillary income.
49.1% operating margin on trailing actual expenses.
On in-place operations at the asking price.
Three-building layout with fenced patios and private balconies.
Eleven 2-bed / 1.5-bath units and two 3-bed / 3-bath units.
Minutes from NAS Pensacola and the US-98 corridor.
Income & Expense
| Income | Annual | Per Unit | |
| Scheduled Rent — in place | $217,440 | $16,726 | |
| Less vacancy & credit loss @ 2.1% — trailing actual | (4,566) | (351) | |
| Other income — water, pet, application, late | 6,924 | 533 | |
| Effective Gross Income | $219,798 | $16,908 | |
| Operating Expenses | |||
| Property & license taxes | $19,128 | $1,471 | |
| Insurance | 19,390 | 1,492 | |
| Management — 7.0% of effective gross income | 15,386 | 1,184 | |
| All other operating expenses | 57,913 | 4,455 | |
| Total Operating Expenses — 50.9% of EGI | $111,817 | $8,601 | |
| Net Operating Income | $107,981 | $8,306 | |
| Going-in cap rate at $1,700,000 | 6.35% | — | |
All other operating expenses comprises repairs and maintenance, utilities, payroll, and leasing and marketing, taken at trailing twelve-month actuals ended June 2026 without normalization. Taxes reflect the seller's current assessed basis and will be reassessed on transfer. Scheduled rent reflects contract rents on the current rent roll; ancillary income and the 2.1% economic loss factor reflect trailing collections. Full trailing twelve-month statements, rent roll, and lease detail are available on execution of a confidentiality agreement.
What the Deal Looks Like Leveraged
The returns below reflect quoted terms: a $1,269,000 full-recourse acquisition loan — 74.6% of the purchase price — at 6.51% on a 30-year amortization, plus approximately $30,000 in closing costs. That puts $461,000 of cash in the deal. Proceeds at this level are supported by the personal guarantee rather than by coverage-driven sizing. A buyer requiring non-recourse debt should expect lower proceeds, a larger equity check, and different returns than those shown.
| Returns Summary | Going-In | Year 1 | Year 3 | Year 5 |
|---|---|---|---|---|
| Average rent per unit / month | $1,394 | $1,475 | $1,595 | $1,726 |
| Effective Gross Income | $219,798 | $225,727 | $243,998 | $263,752 |
| Total Operating Expenses | 111,817 | 111,817 | 115,706 | 115,706 |
| Net Operating Income | $107,981 | $113,910 | $128,292 | $148,046 |
| Annual Debt Service | 96,351 | 96,351 | 96,351 | 96,351 |
| Cash Flow After Debt Service | $11,630 | $17,559 | $31,941 | $51,695 |
Indicative terms quoted to the seller and shown for illustration. Not a commitment to lend; any loan is subject to underwriting, appraisal, and borrower qualification.
Assumptions. Average rent reaches $1,475 per unit by the end of Year 1 and grows 4.0% annually thereafter. Projection years carry a normalized 5.0% economic loss rather than the 2.1% trailing actual, reflecting the turnover that follows a rent increase. Operating expenses are held at $111,817 through Year 1, consistent with the going-in statement, and step to $115,706 in Year 2 and flat thereafter. Ancillary income grows 3.0% annually. Property taxes reflect the seller's current assessed basis — reassessment on transfer is not modeled and would reduce net operating income. Financing reflects terms quoted to the seller on a full-recourse basis and is shown for illustration only; terms available to any individual buyer will depend on that buyer's credit, guarantee capacity, and lender relationships. Figures are illustrative, depend on financing terms a buyer actually obtains, and are not a projection or guarantee of results.
The Asset
| Year Built | 1975 |
| Buildings | Three |
| Total Units | 13 |
| Unit Mix | Eleven — 2BR / 1.5BA Two — 3BR / 3BA |
| Net Rentable Area | 14,300 SF |
| Avg. Contract Rent | $1,394 per unit / month |
| Ownership | Fee simple |
| County | Escambia |
Unit features. Tile flooring throughout, white cabinetry with stainless dishwashers, walk-in closets, ceiling fans, and tub/shower baths. Ground-floor units have fenced private patios; upper units have private balconies. Grounds are landscaped with mature shade trees. Water is billed back to residents.
Why This One
- Income is documented, not projected. The only assumption in the statement is the management fee.
- Family-sized floor plans in a workforce market. Eleven two-bedrooms and two three-bedroom/three-bath units — the sizes that stay leased when studios and one-bedrooms sit.
- Water billed back to residents. Roughly $3,400 per year of utility cost recovered, with room to expand the program.
- Demand that doesn't move with the cycle. NAS Pensacola, the Baptist and Ascension Sacred Heart hospital systems, the Port of Pensacola, and the University of West Florida anchor the renter base.
Three Buildings, Well-Kept Grounds, Rent-Ready Interiors
“Thirteen doors in a market anchored by the Navy, two hospital systems, and a university — and one assumption in the whole statement. Everything else is the trailing twelve. The numbers are the story.”— Steven Rowe, Gulf Coast Multifamily
West Pensacola's Workforce Housing Corridor
618–658 S 72nd Avenue sits in Pensacola's 32506 zip code on the city's west side, minutes from Naval Air Station Pensacola — one of the region's largest employers — and the US-98 commercial corridor. The area's renter base draws from military and civilian personnel at NAS Pensacola, healthcare workers at the Baptist and Ascension Sacred Heart systems, and the broader Pensacola MSA workforce.
Pensacola's combination of steady military-anchored demand, healthcare and port employment, and continued in-migration to Northwest Florida has kept workforce-priced rental product consistently occupied — exactly the profile this asset serves.
Request the Full Package
Trailing twelve-month operating statements, the current rent roll with lease expirations, and property records are available to qualified buyers on execution of a confidentiality agreement. Property tours are scheduled only after a buyer has been qualified with the listing broker — proof of funds, a letter of credit, or a current schedule of real estate owned (SREO). Call Steven directly or send a message to start the conversation.
Contact Gulf Coast MultifamilyThe information contained herein has been obtained from sources believed to be reliable, including materials provided by the owner; however, Gulf Coast Multifamily makes no representation or warranty, express or implied, as to its accuracy or completeness. Financial figures are drawn from owner-provided trailing operating statements and the current rent roll and are provided for illustration only — they are not a guarantee of future performance. Property taxes reflect the seller's current assessed basis and are subject to reassessment upon transfer. Prospective purchasers should conduct their own independent investigation and rely solely on their own due diligence. This offering is subject to prior sale, price change, correction, or withdrawal without notice. Not intended as investment, legal, or tax advice. Access to due diligence materials requires an executed confidentiality agreement, and property tours are scheduled only after a prospective purchaser has been qualified with the listing broker by proof of funds, letter of credit, or a current schedule of real estate owned.