Renovated Mixed-Use Commercial
For Sale
$2,180,000
5420 Hickory Street, Panama City, FL 32404
21,184 sq ft mixed-use property in Panama City, FL.
Property Size21,184 SF
Lot Size2.50 Acres
Price / SF$102.91
Days on Market310
Property Features for 5420 Hickory Street
General Information
Standard status
Active
Size
21,184 SF
Lot size
2.50 Acres
Property subtype
Commercial
Building Details
Year Built
1988
Listing Agency:
Legacy Premier Agency
Listed By:
Kurt Fadden
(321) 890-5364
Source:
Cthomeseekers
Added: Oct 31, 2025
Changed: Sep 4
Last Checked: Sep 4 at 10:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Legacy Premier Agency
Investment Insights
Based on property information with market context.
This commercial property in Panama City, FL, offers 21,184 sq ft of space under roof on a 2.5-acre lot. Zoned for mixed use, the property is suitable for a variety of businesses. It has been fully renovated post-hurricane and features a new 24-gauge standing seam metal roof. The building is constructed with red iron clear span beams, allowing for easy interior modifications. The interior includes multiple reception areas, executive offices, and a kitchenette. The open footprint of the building allows for a wide range of uses for a multitude of businesses. A separate entrance on the left side allows for potential subletting. The parking lot accommodates 4 spaces per 1000 sq ft with room to expand. All utilities are easily accessible, and open roof access allows for modifications.
Key Highlights
- 21,184 sq ft of under roof space on a 2.5‑acre lot provides ample space.
- Zoned for mixed use, offering flexibility.
- Fully renovated post‑hurricane with a new 24‑gauge standing seam metal roof.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$196,257
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.00%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,925,140
$3.9M
Cap Rate 7%
$2,803,671
$2.8M
Cap Rate 9%
$2,180,633
$2.2M
Market Conditions
NOI Build-Up for 21,184 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$343.2K $16.20/SF
− Vacancy
−$29.2K −$1.38/SF
EGI
$314.0K $14.82/SF
− OpEx
−$117.8K −$5.56/SF
NOI
$196.3K $9.26/SF
Area
Walton County, FL
Vacancy
8.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,925,140
Cap Rate 7%
$2,803,671
Cap Rate 9%
$2,180,633
Alternative Uses
Best Use
Office B
$3.81M
$3.34M – $4.45M
NOI $266,918 @ 7.0% cap · market cap 12.24%
Second Best
Retail
$3.49M
$3.05M – $4.07M
NOI $244,230 @ 7.0% cap · market cap 11.20%
Theoretical Best
Office A
$5.33M
$4.66M – $6.22M
NOI $372,923 @ 7.0% cap · market cap 17.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
367
Businesses Nearby
Explore this area
Business Placement
Demographics for 32404, FL
38,186
Population
18,053
Households
2.1
Avg Household Size
40
Median Age
21%
College-Educated
87%
High-School Grad
135.1 sq mi
ZIP Area
283
Density / Sq Mi
$72,208
Median Household Income
$38,701
Median Earnings
$1,355
Median Rent
$239,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 21,184 sq ft mixed-use property in Panama City, FL.
Where is this mixed-use property located?
The property is located at 5420 Hickory Street Panama City, FL.
What is the asking price?
The asking price for this property is $2,180,000.
What are key features of this property?
This property features: 21,184 sq ft of under roof space on a 2.5‑acre lot provides ample space.; Zoned for mixed use, offering flexibility.; Fully renovated post‑hurricane with a new 24‑gauge standing seam metal roof.
