Panama City Garden Style
For Sale
Contact for pricing
5820 Hickory St, Panama City, FL 32404
16-unit apartment building near Tyndall Air Force Base.
Property Size12,096 SF
Price / SF$152.94
Days on Market185
Property Features for 5820 Hickory St
General Information
Standard status
Active
Size
12,096 SF
Class
B
Property subtype
Multifamily
Occupancy
94%
Net Operating Income
$127,831
Building Details
Year Built
1981
Year Renovated
2019
Buildings
1
Stories
2
Units
16
Listing Agency:
SeaCrest Advisors LLC
Listed By:
Andrew Green, CCIM · License #FL SL3341222
Source:
Crexi
Added: Feb 23
Changed: Aug 27
Last Checked: Aug 26 at 2:42AM
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 SeaCrest Advisors LLC
Investment Insights
Based on property information with market context.
Hickory Cove is a 16-unit garden style apartment building located in Panama City, Florida. Constructed in 1981, the property features common brick and vinyl on a concrete slab. The unit mix comprises twelve two-bedroom, one-bathroom units and four one-bedroom, one-bathroom units, averaging approximately 756 square feet. Residents have access to amenities including a gazebo and grilling area, an on-site laundry room, and private patios for each unit. Situated in a residential neighborhood off Tyndall Parkway, a major thoroughfare, Hickory Cove offers convenient access to commercial businesses and is minutes from Downtown Panama City's restaurants and retail destinations. The property is also located a few minutes away from Tyndall Air Force Base, a major regional employer. Over $600,000 has been invested in an extensive value-add renovation program in recent years. The property offers the potential for consistent cash flow and further value enhancement through additional improvements. The property size is 12096 square feet.
Key Highlights
- Extensive value‑add renovation program completed: Over $600,000 invested in recent improvements.
- Located minutes from Tyndall Air Force Base, a major regional employer.
- Proximity to Downtown Panama City with trendy restaurants and retail destinations.
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
$133,961
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
7.24%
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%
$2,679,220
$2.7M
Cap Rate 7%
$1,913,729
$1.9M
Cap Rate 9%
$1,488,456
$1.5M
Market Conditions
NOI Build-Up for 12,096 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
$290.3K $24.00/SF
− Vacancy
−$46.7K −$3.86/SF
EGI
$243.6K $20.14/SF
− OpEx
−$109.6K −$9.06/SF
NOI
$134.0K $11.07/SF
Area
Walton County, FL
Vacancy
16.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,679,220
Cap Rate 7%
$1,913,729
Cap Rate 9%
$1,488,456
Alternative Uses
Best Use
Apartment 5plus
$1.91M
$1.67M – $2.23M
NOI $133,961 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.04M
$2.66M – $3.55M
NOI $212,938 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
358
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 16-unit apartment building near Tyndall Air Force Base.
Where is this apartment building located?
The property is located at 5820 Hickory St Panama City, FL.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Extensive value‑add renovation program completed: Over $600,000 invested in recent improvements.; Located minutes from Tyndall Air Force Base, a major regional employer.; Proximity to Downtown Panama City with trendy restaurants and retail destinations.
