Hickory Cove
Multifamily | 16 Units | Significant CapEx Spent In Recent Years
Marketing description
Offering Memorandum and Financials are available via “Due Diligence” tab. Please contact Andrew Green ([email protected]) to discuss the offering.
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.
Investment 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
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