2303 West Michigan Avenue, Pensacola, FL 32526

• Below-Market Rents with Built-In Upside

In-place rents average $1,140 per unit against market rents of $1,250, roughly 10% of immediate mark-to-market upside, supported by comparables renting at $1.26 per square foot versus the property's $1.06.

• Efficient, Fully Occupied Unit Mix

All 12 units are two-bedroom, two-bath floor plans at 100% occupancy, creating a simple and highly rentable operating profile.

• Attractive Basis

Offered at $1,250,000, or $104,167 per unit and $91.03 per square foot, below the recent sales comp average of roughly $112,700 per unit and $119.64 per square foot.

• Value-Add Yield Growth

In-place (T-12) NOI of approximately $65,479 grows to a Year 1 adjusted NOI of approximately $86,832 and a Year 3 stabilized NOI of approximately $106,384 as rents mark to market and operations are optimized.

• Strong Gulf Coast Fundamentals

The Greater Pensacola market offers a population of more than 538,000, a stable military anchor at NAS Pensacola, roughly 36% renter-occupied housing, a 5.5% multifamily vacancy rate, and ongoing airport, port, and downtown expansion.