Assisted Living/Healthcare
722 N Martin Luther King Junior Boulevard Panama City, FL 32401
722 N Martin Luther King Junior Boulevard, Panama City, FL, 32401
$650,000
For Sale
$650,000
MULTI_FAMILY - Panama City, FL
Property Size3,100 SF
Lot Size0.27 Acres
Price / SF$209.68
Days on Market119
Property Features for 722 N Martin Luther King Junior Boulevard
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Standard status
- Active
- APN
- 17288-000-000
- Size
- 3,100 SF
- Lot size
- 0.27 Acres
Taxes and HOA fees
- Tax Description
- Parcel 1 - Tax ID Number: 17288-000-000: Lots 7, 8 and 9 and Less North 60 feet of the Lot 7 and Less East 1/2 of North 60 feet of Lot 8, of Block 21, of GLENWOOD ADDITION, according to the Plat thereof as recorded in Plat Book 4, Page 13, in the Office of the Clerk of the Circuit Court of Bay County, Florida. Less and Except that portion shown in the Order of Taking recorded in Official Recor
Utilities
- Cooling system
- Ceiling Fan(s)
Building Details
- Year built
- 1998
- Building materials
- Brick, Block
- Roof type
- Asphalt, Shingle
Listing agency
Keller Williams Success Realty
(850) 249-0313
Listed by
Will Pender · License #sl3381749
(850) 358-3610
Added: Mar 25 Updated: Jul 11 at 5:35AM Checked: Jul 21 at 8:06AM
MLS# 787447
Copyright © 2026 Central Panhandle Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This assisted living/healthcare building is configured with 10 bedrooms and 8 bathrooms, offering a flexible interior that can support private offices, client suites, or guest accommodations. The property is described as having generous common areas, with an adaptable layout intended for a range of commercial or mixed-use applications.
The listing includes both properties: 722 N Martin Luther King Junior Boulevard and 722 1/2 N Martin Luther King Junior Boulevard in Panama City, FL 32401. Public remarks note the location as minutes from Downtown, major shopping centers, and the hospital, and mention potential on-site parking and expansion given the 0.27-acre lot size.
The listing includes both properties: 722 N Martin Luther King Junior Boulevard and 722 1/2 N Martin Luther King Junior Boulevard in Panama City, FL 32401. Public remarks note the location as minutes from Downtown, major shopping centers, and the hospital, and mention potential on-site parking and expansion given the 0.27-acre lot size.
Key Highlights
- Listing includes both properties: 722 Martin Luther King and 722 1/2 MLK
- 3,000+ sq. ft. commercial building on a 0.27‑acre lot
- 10 bedrooms and 8 bathrooms with a layout suited for private offices, client suites, or guest accommodations
Local Financial Insights For Office B
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $65.1k | $21.00 |
| − Vacancy | −$13.0k | −$4.20 |
| EGI | $52.1k | $16.80 |
| − OpEx | −$13.0k | −$4.20 |
| NOI | $39.1k | $12.60 |
3,100 SF · lease $21.00/SF/yr · vacancy 20.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$558.0K
$488.3K – $651.0K
NOI $39,060 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$490.5K
$429.2K – $572.2K
NOI $34,332 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$779.6K
$682.2K – $909.5K
NOI $54,572 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Assisted living facilities
Similar For Sale Nearby
Similar Off Market Nearby
- Senior Helpers — 1038 Jenks Ave, Panama City, FL 32401
- Covenant Inpatient Hospice Center at Bay Medical — 615 N Bonita Ave, Panama City, FL 32401
- Granny NANNIES of Panama City — 949 Jenks Ave Suite 16, Panama City, FL 32401
- Mckenzie house assisted living — 1000 McKenzie Ave, Panama City, FL 32401
- Amber Mckenzie — 620 McKenzie Ave, Panama City, FL 324013062
FAQs
What type of property is this?
Assisted living facility - Commercial building with 10 bedrooms and 8 bathrooms on a 0.27-acre lot.
Where is this assisted living facility located?
The property is located at 722 N Martin Luther King Junior Boulevard Panama City, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Listing includes both properties: 722 Martin Luther King and 722 1/2 MLK; 3,000+ sq. ft. commercial building on a 0.27‑acre lot; 10 bedrooms and 8 bathrooms with a layout suited for private offices, client suites, or guest accommodations
