Ground Floor Medical Office
102-2202 State Ave Panama City, FL 32401
For Sale
$535,000
Ground floor medical office within a medical complex, offering direct access to the hospital via a connected corridor.
Property Size1,448 SF
Price / SF$369.48
Days on Market556
Property Features for 102-2202 State Ave
General Information
- Standard status
- Active
- Size
- 1,448 SF
Listing Agency:
Centergate Realty LLC
(850) 258-4194
Listed By:
Ayesha Albibi · License #SL3337069
(850) 258-4194
Source:
Exprealty
Added: Jan 16, 2025
Changed: Jul 25
Last Checked: Jul 25 at 12:36PM
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 Centergate Realty LLC
Investment Insights
Based on property information with market context.
This ground floor medical office suite offers medical-focused space within a medical complex on the Gulf Coast Medical Center Campus. The unit is approximately 1,448 square feet, and the repairs have been completed. Common areas have also been newly renovated.
The suite provides direct access to the hospital through a connected corridor, designed for convenient patient and staff flow between the office and the campus.
The property is presented for sale with sizes identified as approximate and buyers are encouraged to measure if size is important.
The suite provides direct access to the hospital through a connected corridor, designed for convenient patient and staff flow between the office and the campus.
The property is presented for sale with sizes identified as approximate and buyers are encouraged to measure if size is important.
Key Highlights
- Ground‑floor medical office within a medical complex on the Gulf Coast Medical Center Campus
- 1,448 sq. ft. medical office with direct access to the hospital via a connected corridor
- Repairs have been completed, and common areas are newly renovated
Financial Insights For Healthcare Medical
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 | $36.5k | $25.20 |
| − Vacancy | −$3.8k | −$2.65 |
| EGI | $32.7k | $22.55 |
| − OpEx | −$13.1k | −$9.02 |
| NOI | $19.6k | $13.53 |
1,448 SF · lease $25.20/SF/yr · vacancy 10.50% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$279.9K
$244.9K – $326.6K
NOI $19,595 @ 7.0% cap · market cap 3.66%
Second Best
Office B
$260.6K
$228.1K – $304.1K
NOI $18,245 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$364.2K
$318.6K – $424.9K
NOI $25,491 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Medical Office Space
FAQs
What type of property is this?
Medical Office Space - Ground floor medical office within a medical complex, offering direct access to the hospital via a connected corridor.
Where is this medical office space located?
The property is located at 102-2202 State Ave Panama City, FL.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Ground‑floor medical office within a medical complex on the Gulf Coast Medical Center Campus; 1,448 sq. ft. medical office with direct access to the hospital via a connected corridor; Repairs have been completed, and common areas are newly renovated
