5820 Hickory St - Apartments FOR SALE


Panama City, FL 32404
$2,095,000 USD
954-804-2184
5820 Hickory St, Panama City, FL for Sale
$2,095,000 USD
Apartments - FOR SALE
1/11
null | Request Cap Rate

5820 Hickory St
Panama City, FL 32404


HIGHLIGHTS

  • Turnkey asset, significant capital improvements spent in recent years
  • Opportunity to add additional amenities such as dog park, on-site office, or storage lockers
  • Well-maintained asset with minimal deferred maintenance
  • Historically high occupancy rate over the last few years with minimal tenant turnover
  • Located a few minutes away from Downtown Panama City which boasts multiple commercial businesses and retail destinations
  • Approximately 5 minutes away from Tyndall Air Force Base, one of the region's largest employers

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$2,095,000 USD

PRICE/SF

$142 USD /SF

# OF UNITS

16

PRICE/UNIT

$130,938

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1981

PARKING SPACES

45

LAND DETAILS

LAND ACRES

0.57 AC

LAND SF

24,960 SF

ZONING

R-6M

APN/PARCEL ID

07198-000-000

ASK ABOUT THIS PROPERTY

Andrew GreenSeacrest Advisors LLCMore Info
954-804-2184

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Andrew GreenSeacrest Advisors LLCMore Info
954-804-2184

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.