100446 . 24 Home SFR Pensacola FL
100446 . 24 Home SFR Pensacola FL, Pensacola, Florida 32514
For more information visit www.SFRhub.com and search for portfolio 100446
This 24 home portfolio is scattered around Pensacola Florida, a city surrounded by 50-plus miles of coastline that boast crystal clear, emerald waters. This combination creates an environment of a relaxed beach town, still with a booming metropolitan center and home to a large Naval Air Station. The perfect year-round climate and a friendly, community-driven lifestyle here makes for an attractive place to call home, from snowbirds to military personnel.
These homes offer an investor a solid opportunity to acquire instant cash flow with a 96% occupancy rate, with value add upside in driving revenue. The value add growth opportunity is simple given the room to boost current rents by 9% to achieve full market rates, as well as adopt a master insurance policy over all the homes to reduce expenses further and increase dollars to the NOI. This portfolio has an average vintage of 1983, and a majority of 3 and 4 bedroom homes.
Pensacola is a city in the Florida Panhandle and is the county seat of Escambia County, part of the Pensacola-Ferry Pass-Brent MSA. The MSA has a population of 494,883. A total of 24,081 people are employed in the Pensacola area, generating over $427 million in wages. There are a variety of jobs residents of Pensacola partake in such as office and administration support positions (13.18%), sales positions (12.20%), and food service positions (9.05%). The area has a large population of residents who are young, single, and upwardly mobile professionals, according to NeighborhoodScout®.
As Pensacola is in proximity to the Gulf of Mexico, one of the major economic variables in the area is tourism. Reported in 2016, the clean and beautiful white beaches bring in over 2 million visitors to Escambia County. In 2016 there was an astounding $22 million in tax revenue and nearly $800 million in direct visitor spending in Escambia County. Overnight guests who paid taxes on their hotel room and/or rental property generated a revenue of over $10 million. In addition, 51% of visitor spending is done outside of lodging. Tourism aids in community growth as the beaches near Pensacola are clean and well-maintained.
The city lies just northeast of the Naval Air Station Pensacola, which was the very first Naval Air Station commissioned by the US Navy in 1914. Military activity has long been a major source of employment in the area, generating about 20,000 government sector jobs (16.7% of locally economy), making the station the number one employer in the city. The health industry is another major component in the successful economy of Pensacola.
Other major employers in the area include Baptist Hospital, Sacred Heart Hospital, West Florida Hospital, Andrews Institute in Gulf Breeze, The University of West Florida, State University System of Florida, and Northwest Florida State College and Eglin Air Force Base.
- For more information visit www.SFRhub.com and search for portfolio 100446
- Value-add opportunity to raise rents 9% to achieve full market rates.
- Low vacancy rate offering instant cash flow for the buyer
- High average market rents of $1,510
- Pensacola FL is home to a Naval Air Station, permanent demand for work-force housing
- Warm climate attracts a high demographic of “snowbirds” traveling from colder states
- High-quality homes being offered in good, market-ready condition
11/14/2019 11:42:18 PM
12/30/2019 4:24:23 PM