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5820 Hickory St 16 Unit Apartment Building $2,095,000 ($130,938/Unit) 6.10% Cap Rate Panama City, FL 32404
Investment Highlights
- Turnkey asset, significant capital improvements spent in recent years
- Well-maintained asset with minimal deferred maintenance
- Located a few minutes away from Downtown Panama City which boasts multiple commercial businesses and retail destinations
- Opportunity to add additional amenities such as dog park, on-site office, or storage lockers
- Historically high occupancy rate over the last few years with minimal tenant turnover
- Approximately 5 minutes away from Tyndall Air Force Base, one of the region's largest employers
Executive Summary
Hickory Cove is a 16-unit garden style apartment building located in Panama City, Florida. The asset was constructed in 1981 with common brick and vinyl on concrete slab. The property is comprised of (12) two-bedroom & one-bathroom units and (4) one-bedroom & one-bathroom units which average approximately 756 square feet. Hickory Coves offers its residents an array of amenities including resident gazebo & grilling area, on-site laundry room, and each unit is equipped with their own private patio area.
Hickory Cove, nestled in a residential neighborhood setting, is located just off Tyndall Parkway, a major thoroughfare in Panama City. Hickory Cove has ease of access to several commercial businesses and is minutes away from Downtown Panama City which boasts multiple trendy restaurants and other retail destinations. Additionally, Hickory Cove is also a few minutes away from the Tyndall Air Force Base, one of the region’s largest employers.
Hickory Cove has gone through an extensive value-add renovation program, over $600,000 has been spent improving the asset in recent years. Hickory Cove offers a new owner the ability to receive consistent cash flow while also adding additional improvements to enhance functionality and value.
Hickory Cove, nestled in a residential neighborhood setting, is located just off Tyndall Parkway, a major thoroughfare in Panama City. Hickory Cove has ease of access to several commercial businesses and is minutes away from Downtown Panama City which boasts multiple trendy restaurants and other retail destinations. Additionally, Hickory Cove is also a few minutes away from the Tyndall Air Force Base, one of the region’s largest employers.
Hickory Cove has gone through an extensive value-add renovation program, over $600,000 has been spent improving the asset in recent years. Hickory Cove offers a new owner the ability to receive consistent cash flow while also adding additional improvements to enhance functionality and value.
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Property Facts
| Price | $2,095,000 | Apartment Style | Low-Rise |
| Price Per Unit | $130,938 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.57 AC |
| Cap Rate | 6.10% | Building Size | 14,800 SF |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1981/2019 |
| Property Subtype | Apartment | Parking Ratio | 3.04/1,000 SF |
| Zoning | R-6M | ||
| Price | $2,095,000 |
| Price Per Unit | $130,938 |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.57 AC |
| Building Size | 14,800 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1981/2019 |
| Parking Ratio | 3.04/1,000 SF |
| Zoning | R-6M |
Amenities
Unit Amenities
- Patio
Site Amenities
- Laundry Facilities
- Grill
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
| 2+1 | 12 | - | - |
1 1
Fairly walkable
40/100
Very drivable
80/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 07198-000-000 | Improvements Assessment | $908,493 |
| Land Assessment | $101,000 | Total Assessment | $1,009,493 |
Property Taxes
Parcel Number
07198-000-000
Land Assessment
$101,000
Improvements Assessment
$908,493
Total Assessment
$1,009,493
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5820 Hickory St
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