Panama City Garden Style
5820 Hickory St, Panama City, FL 32404
16-unit apartment building near Tyndall Air Force Base.
Type:Multifamily
Property size:
12,096 SFPrice / SF:
$173/SF- Added:
- Feb 23, 2026
- Days on Market:
- 88
- Last Refresh:
- Mar 17 at 1:15 pm
Property Features for 5820 Hickory St
General Information
- Standard status
- Active
- Size
- 12,096 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1981
Listing agent Andrew Green, CCIM License #FL SL3341222
Listing office SeaCrest Advisors LLC
Listing date Feb 23, 2026
Source Crexi
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
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.
- Located just off Tyndall Parkway, a major thoroughfare, providing ease of access.
- Mix of (12) two‑bedroom and (4) one‑bedroom units.
- Resident amenities include a gazebo & grilling area, on‑site laundry room, and private patios.
Overview
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.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$1.49M
NOI $133,961 @ 9.00% cap · cautious / downside scenario
Moderate
$1.91M
NOI $133,961 @ 7.00% cap · market / base-case scenario
Aggressive
$2.68M
NOI $133,961 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $290.3k | $24.00 |
| − Vacancy | −$46.7k | −$3.86 |
| EGI | $243.6k | $20.14 |
| − OpEx | −$109.6k | −$9.06 |
| NOI | $134.0k | $11.07 |
12,096 SF · lease $24.00/SF/yr · vacancy 16.10% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$1.91M
$1.67M – $2.23M
NOI $133,961 @ 7.0% cap · market cap 6.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.04M
$2.66M – $3.55M
NOI $212,938 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Hickory Cove Apartments
Apartment Complex
Location Insight
- Map
- Local Demand
- City
- Panama City
- County
- Walton
- State
- Florida
- Longitude
- -85.5877741
- Latitude
- 30.1376403
Nearby Similar for Sale
FAQs
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 $2,095,000.
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.
