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Pensacola, FL Homes for Sale under $300,000

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  • /18

    $80,000

    $5K PRICE DROP
    • 2 Beds
    • 1.5 Baths
    • 1,190 Sq Ft

    8101 Tippin Ave Unit D, Pensacola, FL 32514

    This 2-bedroom, 1.5-bath condo offers 1,190 square feet of potential, ready for your creative vision. The home has been completely gutted, providing a clean slate for a full renovation or custom redesign. Whether you’re an investor seeking your next profitable project, a flipper looking for strong resale potential, or a homeowner ready to create your dream space, this property is bursting with

    Erik Hansen KELLER WILLIAMS REALTY GULF COAST

    8101 Tippin Ave Unit D, Pensacola, FL 32514
  • /23

    $165,000

    $10K PRICE DROP
    • 3 Beds
    • 2 Baths
    • 1,019 Sq Ft

    23 Besma Dr, Pensacola, FL 32506

    Welcome to this beautifully updated 3-bedroom, 2-bathroom home offering 1,019 sq ft of comfortable living space. Featuring a durable metal roof, this home is built to last while providing a modern touch with recent renovations throughout. Step inside to discover an updated kitchen, complete with sleek granite countertops, newer cabinetry, and high-quality appliances, making it perfect for any

    GREG DAWSON GRAND REALTY, INC.

    23 Besma Dr, Pensacola, FL 32506
  • /7

    $160,000

    • Land
    • 19,166 Sq Ft
    • $363,636 per Acre

    8700 Scenic Hwy, Pensacola, FL 32514

    AMAZING OPPORTUNITY ON SCENIC HIGHWAY! Discover a rare chance to own two side-by-side waterfront lots overlooking the breathtaking waters of Pensacola Bay. Located at 8700 & 8750 Scenic Hwy, these combined parcels offer approximately .83 (.44 and .39 ) acres of prime Bayfront property with stunning water views and a natural shoreline, creating the perfect canvas for your coastal dream. Whether

    Erik Hansen KELLER WILLIAMS REALTY GULF COAST

    8700 Scenic Hwy, Pensacola, FL 32514
  • /24

    $269,000

    • 3 Beds
    • 2 Baths
    • 1,375 Sq Ft

    5841 Last Big Tree Ln, Pensacola, FL 32505

    Welcome to this adorable cottage in Pensacola! 3 nice sized bedrooms, with a den that can be used as a 4th bedroom! 2 full baths, Nest thermostat, garbage disposal, and new master toilet. New roof in 2021, HVAC in 2020, and hot water heater in 2018. This home has been well maintained. Midnight blue carpet in bedrooms is ok. Seller will give up to $5000 credit for new flooring in the bedrooms.

    Connie Howell Lokation

    5841 Last Big Tree Ln, Pensacola, FL 32505
  • /36

    $224,900

    $4K PRICE DROP
    • 3 Beds
    • 2.5 Baths
    • 1,537 Sq Ft

    8991 Brigade Trail, Pensacola, FL 32534

    BEST PRICE and EXCELLENT CONDITION!! Welcome to easy living at its finest! This charming 3-bedroom, 2.5-bath townhome offers a bright, airy interior and one of the most worry-free lifestyles you’ll find in Pensacola. Get all the benefits of homeownership with none of the weekend chores. This HOA handles nearly everything—including exterior insurance, exterior maintenance (siding, roof, painting,

    Hilary Rember ASSIST 2 SELL REAL ESTATE

    8991 Brigade Trail, Pensacola, FL 32534
  • /13

    $99,000

    • 3 Beds
    • 2 Baths
    • 1,088 Sq Ft

    1203 N C St, Pensacola, FL 32501

    Investor Special – Prime Renovation or Rebuild Opportunity! Roof 2021. Seller will give the plan signed by engineer & survey worth $5000 for accepted offer. Unlock the potential of this 3-bedroom, 2-bath home featuring an eat-in kitchen, covered carport, and a spacious backyard. The property also includes a separate utility workshop—perfect for conversion into a she-shed/he-shed, guest space, or

    Tracy Truong LPT Realty

    1203 N C St, Pensacola, FL 32501
  • /22

    $245,000

    New Construction
    • 3 Beds
    • 2 Baths
    • 1,205 Sq Ft

    3502 W Cervantes St, Pensacola, FL 32505

    Welcome to 3502 W Cervantes, a beautifully finished new construction home offering 3 bedrooms, 2 bathrooms, and an exceptional blend of style and function at an attractive price point. This home features upgraded finishes throughout, including wood laminate flooring, custom cabinetry, and a spacious living room designed for comfortable everyday living. Inside, you’ll find high ceilings with trey

    Jason McGuire REMAX Select Partners

    3502 W Cervantes St, Pensacola, FL 32505
  • /13

    $175,000

    • 2 Beds
    • 1 Bath
    • 988 Sq Ft

    1111 N U St, Pensacola, FL 32505

    Charming 1938 Cottage with Modern Upgrades This beautifully remodeled 2-bedroom, 1-bath cottage offers 988 sq. ft. of thoughtfully updated living space in a central Pensacola location. Historic character meets modern convenience with a new roof, updated HVAC, and modernized electrical — giving buyers confidence from day one. Inside, fresh finishes create a bright, welcoming atmosphere throughout.

    Jayson Pelt Levin Rinke Realty

    1111 N U St, Pensacola, FL 32505
  • /42

    $270,000

    Coming Soon
    • 4 Beds
    • 2 Baths
    • 1,443 Sq Ft

    913 W Hernandez St, Pensacola, FL 32501

    Freshly renovated and move-in ready, this beautifully updated 4-bedroom, 2-bathroom home is located just minutes from Downtown Pensacola. The flexible fourth bedroom offers the perfect space for a home office, gym, or guest room to fit your lifestyle needs. Inside, light neutral tones, new windows, baseboards, and sleek fixtures create a bright and welcoming atmosphere throughout. Major system

    Erik Hansen KELLER WILLIAMS REALTY GULF COAST

    913 W Hernandez St, Pensacola, FL 32501
  • /45

    $295,000

    • 2 Beds
    • 2.5 Baths
    • 1,100 Sq Ft

    13574 Perdido Key Dr Unit 304, Pensacola, FL 32507

    Own on Perdido Key for a price that’s hard to beat! This is your chance to secure an affordable slice of paradise in the low density Key Winds community, just moments from the sugar-white sands and emerald waters of Perdido Key Beach. Why vacation here when you can live here? Fully renovated and move-in ready, this stylish townhome offers the coastal lifestyle buyers dream about without the

    Todd Atchison Levin Rinke Realty

    13574 Perdido Key Dr Unit 304, Pensacola, FL 32507
  • /30

    $245,000

    New Construction
    • 3 Beds
    • 2.5 Baths
    • 1,585 Sq Ft

    8106 Carl Dean St, Pensacola, FL 32514

    NEW CONSTRUCTION | MOVE-IN READY Step into low-maintenance living without sacrificing style in these thoughtfully designed 3-bedroom, 2.5-bath townhomes. Just completed and ready for immediate move-in, these homes offer a fresh, modern layout paired with quality finishes throughout. The main living area features an open-concept design with durable wood-look flooring that flows seamlessly from

    Tina Cebrynski Patriot Realty

    8106 Carl Dean St, Pensacola, FL 32514
  • /47

    $244,900

    $10K PRICE DROP
    • 3 Beds
    • 2 Baths
    • 1,325 Sq Ft

    3255 Newton Dr, Pensacola, FL 32503

    Step into the delightful 3-bedroom, 2-bath haven nestled in the highly desirable Mallory Heights neighborhood of Pensacola! Zoned for the coveted AK Suter elementary school district. The recently refreshed bathrooms and kitchen blend seamlessly with the cozy living room, creating a bright and welcoming atmosphere. Outside, enjoy a spacious, fenced backyard—ideal for pets or relaxing. Modern

    Edmond English EXP Realty, LLC

    3255 Newton Dr, Pensacola, FL 32503
  • /16

    $149,000

    • 3 Beds
    • 2 Baths
    • 1,307 Sq Ft

    1210 Suburban Dr, Pensacola, FL 32505

    Great 3-bedroom 2-bath home located in the Marfair area in Pensacola. This has been a great rental. Keep it as a rental or make your own primary residence. The tenants have been here for 10 years. Big lot, on high ground, needs TLC.

    Tim Ekelund LPT Realty

    1210 Suburban Dr, Pensacola, FL 32505
  • /5

    $30,000

    • Land
    • 7,405 Sq Ft
    • $176,471 per Acre

    118 Dogwood Dr, Pensacola, FL 32505

    Vacant Land for development.

    Randy Paun The Realty Vault

    118 Dogwood Dr, Pensacola, FL 32505
  • /16

    $150,000

    • 3 Beds
    • 1 Bath
    • 816 Sq Ft

    3329 Marcus Dr, Pensacola, FL 32503

    Affordable Pensacola Home with Investment Potential! Looking for an affordable home in Pensacola with great location and rental potential? This 3-bedroom, 1-bath property offers easy access to the interstate, downtown Pensacola, and the Cordova Mall area—making it ideal for commuters, first-time buyers, or investors. The home features a functional layout with a laundry area located in the garage,

    Katy Collins Levin Rinke Realty

    3329 Marcus Dr, Pensacola, FL 32503
  • /28

    $260,000

    • 3 Beds
    • 2 Baths
    • 1,050 Sq Ft

    619 W Sunset Ave, Pensacola, FL 32507

    This home is a great investment property. Currently it is being used for short term rental. It also is eligible for a VA assumption.Ideally located just minutes from both NAS Pensacola gates, Corry Station, Target, Aldi, Walmart, the airport, Cordova Mall, Johnson Beach, and downtown Pensacola. Nestled in a welcoming neighborhood full of local charm, this home offers easy access to work,

    Tarrah Minor Realty ONE Group Emerald Coast

    619 W Sunset Ave, Pensacola, FL 32507
  • /21

    $145,000

    $5K PRICE DROP
    • 3 Beds
    • 1 Bath
    • 1,002 Sq Ft

    4 Bertram St, Pensacola, FL 32506

    Welcome to this 3 bedroom, 1 bath brick home situated on a generously sized lot and conveniently located to Downtown and Pensacola NAS. This home has no carpet, with tile in the Kitchen & Bathroom, there is wood look flooring in the living room and bedrooms. The kitchen has beautiful wood cabinets, stainless steel appliances, Refrigerator, Dishwasher, & Electric Stove. From the kitchen, there is

    Denise Kinne Scenic Realty Group, LLC

    4 Bertram St, Pensacola, FL 32506
  • /2

    $30,000

    • 320 Sq Ft

    10098 Nelle Ave Unit 25, Pensacola, FL 32507

    Take the stress out of trailering and launching the boat. Dry slip #25 is 32' long, 9.9' wide and can accommodate 10.6' of height. The friendly marina staff will pull you boat in the water, you go out an live the salt life, come tie it back up and the staff will rinse the boat and flush the engine. Never fret the public launch again! Located just minutes from Pensacola Pass and sand island/Ft.

    Michael Whitner RE/MAX GULF PROPERTIES

    10098 Nelle Ave Unit 25, Pensacola, FL 32507
  • /12

    $295,000

    • 2 Beds
    • 2 Baths
    • 858 Sq Ft

    911 W Government St, Pensacola, FL 32502

    Adorable bungalow located in the historic Tanyard neighborhood of metro Pensacola, you have found your downtown oasis in this charming bungalow with modern amenities. This two bedroom and two bath bungalow has been renovated and seller has spared no expense; both bathrooms and kitchen have been beautifully updated and remodeled, new LVP flooring throughout, new shaker style kitchen cabinets, new

    Mitzi Goldstein Salomon-Goldstein Properties, LLC

    911 W Government St, Pensacola, FL 32502
  • /26

    $189,900

    • 3 Beds
    • 1 Bath
    • 1,128 Sq Ft

    513 N 71st Ave, Pensacola, FL 32506

    This Wonderfully maintained 3 Bedroom,1 Bathroom, Brick Home features beautiful hard wood floors, A large, open eat in kitchen, Oversized 1 car garage (With a cedar closet!), 12x20 Work Building, Solar Panels, New Plumbing and a great size lot!! With a full price offer, Seller will replace roof prior to closing!

    REBECCA DEOLIVEIRA John Waas Realty LLC

    513 N 71st Ave, Pensacola, FL 32506
  • /15

    $179,000

    • 2 Beds
    • 2 Baths
    • 1,285 Sq Ft

    6420 Concord Way, Pensacola, FL 32504

    The location truly couldn’t be more convenient—just minutes from Cordova Mall, Pensacola State College, Sacred Heart Hospital, beautiful beaches, popular restaurants, and the post office. Both bedrooms offer exceptional space, providing comfort and flexibility for any lifestyle. Owner has just completed a fresh paint job, installed new carpet and replaced the roof in 2026.

    Durward Smith REAL ESTATE COUNSELORS

    6420 Concord Way, Pensacola, FL 32504
  • /32

    $195,500

    • 3 Beds
    • 2 Baths
    • 1,845 Sq Ft

    12253 Ailanthus Ct, Pensacola, FL 32506

    Welcome to this charming 3-bedroom, 2-bathroom home located in a tranquil neighborhood in Pensacola. Boasting a thoughtfully designed split floor plan, this residence is ideal for both privacy and social gatherings. The layout features a separate dining room that complements the spacious living area, enhancing the overall flow of the home. As you enter, you are greeted by vaulted ceilings that

    Justin Creel KELLER WILLIAMS REALTY GULF COAST

    12253 Ailanthus Ct, Pensacola, FL 32506
  • /27

    $174,500

    • 2 Beds
    • 1 Bath
    • 864 Sq Ft

    8110 Heirloom Dr, Pensacola, FL 32514

    Charming end-unit cottage with an open floor plan that is exceptionally light and bright thanks to an additional window unique to its position. The property has been well-maintained, featuring a kitchen remodeled in 2015, updated cabinetry, appliances, and countertops. Significant structural updates include a new roof installed in September 2021, as well as an HVAC system and water heater

    Rachael Whibbs Levin Rinke Realty

    8110 Heirloom Dr, Pensacola, FL 32514
  • /28

    $67,000

    • 2 Beds
    • 1 Bath
    • 672 Sq Ft

    3914 W Mallory St, Pensacola, FL 32505

    This corner lot property includes a mobile home featuring 2 bedrooms and 1 bathroom. The primary value is in the land, offering endless potential on a spacious quarter-acre lot. Located on the corner of Green Street, the home has a base living area of 672 square feet, with a total of approximately 735 square feet. The flooring has been remodeled, and a new stove will be installed after closing.

    Tracy Truong LPT Realty

    3914 W Mallory St, Pensacola, FL 32505
  • /33

    $90,000

    $10K PRICE DROP
    • 3 Beds
    • 1 Bath
    • 816 Sq Ft

    8641 Fab St, Pensacola, FL 32514

    Investor special or great opportunity for a homeowner ready to add value! This 3-bedroom, 1-bath home in Pensacola is currently tenant occupied and provides solid potential with a functional layout and carport parking. The roof was replaced approximately 2 years ago. Great value-add opportunity for investors, flippers, or buyers looking to build equity through improvements. This home is priced to

    Steven Koleno Beycome of Florida, LLC

    8641 Fab St, Pensacola, FL 32514
  • /39

    $111,900

    • 1 Bed
    • 1 Bath
    • 521 Sq Ft

    501 E Burgess Rd Unit C2, Pensacola, FL 32504

    Charming one-bedroom condominium in the desirable Riverwalk community, conveniently located along the Davis Hwy commercial corridor! This move-in ready unit features oversized tile flooring throughout for easy maintenance and a spacious, open feel. The kitchen offers stainless steel appliances, a deep pantry, and a convenient breakfast bar overlooking the living area. The private bedroom includes

    Grey Burge CENTURY 21 AMERISOUTH REALTY

    501 E Burgess Rd Unit C2, Pensacola, FL 32504
  • /9

    $149,999

    $20K PRICE DROP
    • 2 Beds
    • 1 Bath
    • 936 Sq Ft

    1008 N 6th Ave, Pensacola, FL 32501

    AS IS Opportunity, Endless potential in a Prime Location! Located close to Downtown Pensacola with its many Popular Events, a wide array of Restaurants, Diverse Shopping and Historic Charm and only 10 miles to beautiful Pensacola Beach. The neighborhood indubitably has a beautiful refreshing Gulf of America sea breeze. This is a charming 2 bedroom, 1 bath and features 10-foot ceilings and higher

    Sandi Gauthier Right Price Real Estate, LLC

    1008 N 6th Ave, Pensacola, FL 32501
  • /32

    $145,000

    $10K PRICE DROP
    • 4 Beds
    • 2 Baths
    • 1,664 Sq Ft

    928 Barcia Dr, Pensacola, FL 32503

    INVESTOR SPECIAL IN THE HEART OF PENSACOLA! Opportunity knocks at 928 Barcia Drive. Priced at just $155,000 ($93 per square foot), this 1,664-square-foot home offers incredible potential for investors, flippers, landlords, or buyers ready to create their dream home. Featuring a spacious floor plan, sunroom, covered carport, and plenty of room to reimagine, this property is ready for a complete

    Jamie Holcomb RE/MAX HORIZONS REALTY

    928 Barcia Dr, Pensacola, FL 32503
  • /33

    $246,000

    $4K PRICE DROP
    • 3 Beds
    • 2 Baths
    • 1,312 Sq Ft

    1317 Wilson Ave, Pensacola, FL 32507

    This meticulously cared-for home boasts numerous upgrades, including the replacement of aluminum wiring with copper wiring, newly installed GFIoutlets in the kitchen, and updated switches throughout. The exterior of the home is power washed every spring and receives painting wherevernecessary. The air handler has been treated with microbial paint, and all soft ducts to the registers have been

    Andrew Quintana KELLER WILLIAMS REALTY GULF COAST

    1317 Wilson Ave, Pensacola, FL 32507
  • /14

    $119,000

    $50K PRICE DROP
    • 3 Beds
    • 2 Baths
    • 1,280 Sq Ft

    833 Wayne Ave, Pensacola, FL 32507

    Beautiful oak trees, 10 minutes from downtown Pensacola....3/2 bath 1998 16x80 mobile home... mixed use commercial and residential 1.1 acre....lot zoned HDMU (High Density Mixed Use) Possible real estate office, General office, residential..or commercial...use possible.. Zoned commercial or residential...RV storage.... tattoo shop, etc Located just 1.3 miles from the Navy Point Public Boat

    Steven Koleno Beycome of Florida, LLC

    833 Wayne Ave, Pensacola, FL 32507
  • /25

    $169,000

    • Land
    • 1.03 Acres
    • $164,429 per Acre

    13794 Osprey Dr Unit Lot 1, Pensacola, FL 32507

    BUILD YOUR DREAM HOME ON THE VACANT BAYOU PRESERVE LOT #1 AT REDFISH HARBOR! DEDICATED BOAT SLIPS AT THE NEW COMMUNITY MARINA ARE ALSO AVAILABLE FOR AN ADDITIONAL $39,000 EACH. Design your dream home on this protected vacant preserve lot located directly on the deep waters of Bayou Garcon. Nestled in an upscale private waterfront community equipped with premium amenities, this lot is an

    Katherine Justice Levin Rinke Realty

    13794 Osprey Dr Unit Lot 1, Pensacola, FL 32507
  • /28

    $224,000

    • 3 Beds
    • 1 Bath
    • 1,080 Sq Ft

    100 Milton Rd, Pensacola, FL 32507

    This beautifully maintained gem offers a rare opportunity to own a move-in-ready home in a prime location. Just minutes from all that Pensacola has to offer, you’ll enjoy being only 5 minutes from downtown nightlife, baseball, and dining, 15 minutes from Pensacola Beach, and a quick 5-minute drive to the Naval Air Station. Nestled in a quiet, established neighborhood, this property is perfectly

    JOY HAIK HomeSmart Sunshine Realty

    100 Milton Rd, Pensacola, FL 32507
  • /20

    $79,900

    • 2 Beds
    • 1 Bath
    • 816 Sq Ft

    3007 W Cervantes St, Pensacola, FL 32505

    Opportunity knocks at 3007 W Cervantes Street! This 2-bedroom, 1-bath off-grade home offers 816 square feet and strong potential as a rental, flip, or value-add investment. The home features a 2-year-old roof, wood floors that have been redone over time. The property is currently vacant and ready for its next owner to bring it back to life. With some updates, ceiling/drywall repair, and general

    Scott Fader Joseph Walter Realty, LLC

    3007 W Cervantes St, Pensacola, FL 32505
  • /23

    $210,000

    Pre-Foreclosure
    • 3 Beds
    • 2 Baths

    1005 Lakewood Rd, Pensacola, FL 32507

    Charming single-story home located in a quiet, established neighborhood in Pensacola! This property features a functional layout, spacious yard, and plenty of room for outdoor living. Enjoy easy access to schools, shopping, dining, and just a short drive to NAS Pensacola and the stunning white-sand beaches of Perdido Key!” Great opportunity for both homeowners and investors! This well-located

    Sheries Hill Grant and Associates Real Estate INC

    1005 Lakewood Rd, Pensacola, FL 32507
  • /35

    $189,900

    • 2 Beds
    • 2 Baths
    • 936 Sq Ft

    600 Scenic Hwy Unit 108, Pensacola, FL 32503

    This is a KNOCK OUT unit in a waterfront complex within walking distance to schools, shops, restaurants, grocery, 5 minutes from DOWNTOWN and 15 minutes to Pensacola Beach. This is one of just a few units here that has 2 bedrooms and 2 full baths. BEAUTIFUL Top to bottom renovation and updates. Ground floor for easy access to parking, mailbox, pool and the BAY. Exquisitely done in neutral tones.

    Bobbi Godwin Connell & Company Realty Inc.

    600 Scenic Hwy Unit 108, Pensacola, FL 32503
  • /36

    $265,000

    • 3 Beds
    • 2 Baths
    • 1,524 Sq Ft

    620 Sawara Ct, Pensacola, FL 32506

    OPEN HOUSE SATURDAY 6/6 @ 12-2PM!! Tucked away in a peaceful, maintained neighborhood, this charming 3-bedroom, 2-bath home feels like the kind of place where neighbors wave from the driveway and evening walks turn into duck-feeding adventures around the community lake. Watch turtles sunbathe by the water, enjoy the quiet surroundings, and soak in the small-town feel while still being close to

    Joanna Bradford Navy To Navy Homes

    620 Sawara Ct, Pensacola, FL 32506
  • /35

    $189,000

    $10K PRICE DROP
    • 2 Beds
    • 2 Baths
    • 900 Sq Ft

    601 E Burgess Rd Unit C3, Pensacola, FL 32504

    Conveniently located in Central North Pensacola, this stylish 2 bed, 2 bath DOWNSTAIRS condo offers the perfect blend of comfort and accessibility. Condo is situated only minutes from Cordova Mall, Sacred Heart Hospital, Top Restaurants, Baptist Hospital, and Pensacola State College. Home is perfect for first time home buyers, Retirees or Investors who like to add a great Cash Flow property to

    Ace Khan Levin Rinke Realty

    601 E Burgess Rd Unit C3, Pensacola, FL 32504
  • /31

    $275,000

    • 2 Beds
    • 2 Baths
    • 1,420 Sq Ft

    10105 Lillian Hwy, Pensacola, FL 32506

    This thoughtfully designed 2-bedroom, 2-bath home offers an efficient layout with an oversized primary suite featuring flexible space, ideal for a home office, sitting area, or additional storage. Enjoy breathtaking water views from the covered patio, creating the perfect setting for morning coffee, outdoor dining, or relaxing at the end of the day. The home is filled with natural light and

    Seay Phillips Kuhn Realty

    10105 Lillian Hwy, Pensacola, FL 32506
  • /21

    $89,990

    • 2 Beds
    • 1 Bath
    • 756 Sq Ft

    3731 Frontera Cir, Pensacola, FL 32505

    Fantastic opportunity to add to your rental portfolio! Attached villa-style property with 756 living SQFT offered under $90k. Currently rented at $950/mo with lease in place through 06/30/2026, providing immediate cash flow from a good-paying tenant. Attractive, low-entry price for investors seeking a stable rental or future value-add opportunity. Functional layout with upside through cosmetic

    Carissa Mazzella Di Bosco Lokation

    3731 Frontera Cir, Pensacola, FL 32505
  • /4

    $99,500

    $11K PRICE DROP
    • 2 Beds
    • 1 Bath
    • 748 Sq Ft

    1510 Acorn Ln, Pensacola, FL 32514

    Small Older House on property Zoned High Density Mixed Use (See definition of zoning in a document attached to listing). Seller knows very little about the property, having never lived there. House will need a complete remodel so only Cash or Renovation Loan is acceptable.

    JANICE CHRISTIAN ISLAND REALTY OF PENSACOLA BEACH

    1510 Acorn Ln, Pensacola, FL 32514

Showing Results 601 - 640, Page 16 of 18

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