Ground Floor Medical Office
105-2202 State Ave, Panama City, FL 32401
For Sale
$455,000
Ground floor medical office in a hospital-connected complex, with renovated common areas and repairs completed.
Property Size1,229 SF
Price / SF$370.22
Days on Market666
Property Features for 105-2202 State Ave
General Information
Standard status
Size
Listing Agency:
Centergate Realty LLC
(850) 764-3480
Listed By:
Ayesha Albibi · License FL SL3337069
(850) 258-4194
Source:
Exprealty
Added: Jan 16, 2025
Changed: Nov 11
Last Checked: Nov 10 at 10:29AM
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
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Investment Insights
Based on property information with market context.
This ground floor medical office suite is approximately 1,229 square feet and is located within a medical complex. The seller states that repairs have been completed, and the common areas are newly renovated, supporting a clean, ready-to-occupy environment for a healthcare practice.
The property sits on the Gulf Coast Medical Center campus, providing direct access to the hospital via a connected corridor. This built-in connection is a practical advantage for patient flow and day-to-day coordination within the campus setting.
For medical practices looking for convenient, same-campus proximity to the hospital, this suite offers a focused option within a healthcare-oriented environment. The combination of ground floor placement and corridor access is well-suited to users who benefit from streamlined internal movement between the office and the medical center. Sizes are approximate; please measure if important.
The property sits on the Gulf Coast Medical Center campus, providing direct access to the hospital via a connected corridor. This built-in connection is a practical advantage for patient flow and day-to-day coordination within the campus setting.
For medical practices looking for convenient, same-campus proximity to the hospital, this suite offers a focused option within a healthcare-oriented environment. The combination of ground floor placement and corridor access is well-suited to users who benefit from streamlined internal movement between the office and the medical center. Sizes are approximate; please measure if important.
Key Highlights
- Ground floor medical office on the Gulf Coast Medical Center campus with direct access to the hospital via a connected corridor
- Approx. 1,229 sq. ft. medical office space
- Repairs have been completed for the unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,665
Cap Rate
4.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$413,300
$413.3K
Cap Rate 7%
$295,214
$295.2K
Cap Rate 9%
$229,611
$229.6K
Market Conditions
NOI Build-Up for 1,229 SF
Gross rent
$34.7K $28.20/SF
− Vacancy
−$7.1K −$5.78/SF
EGI
$27.6K $22.42/SF
− OpEx
−$6.9K −$5.60/SF
NOI
$20.7K $16.81/SF
Area
Bay County, FL
Vacancy
20.50%
Lease Rate
$28.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$413,300
Cap Rate 7%
$295,214
Cap Rate 9%
$229,611
Alternative Uses
Best Use
Office B
$295.2K
$258.3K – $344.4K
NOI $20,665 @ 7.0% cap · market cap 4.54%
Second Best
Healthcare Medical
$245.5K
$214.8K – $286.4K
NOI $17,186 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$358.1K
$313.3K – $417.8K
NOI $25,066 @ 7.0% cap · market cap 5.51%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,471
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Medical Office Space in Panama City, FL
Properties on Market for Medical Office Space in Panama City
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground floor medical office in a hospital-connected complex, with renovated common areas and repairs completed.
Where is this medical office space located?
The property is located at 105-2202 State Ave Panama City, FL.
What is the asking price?
The asking price for this property is $455,000.
What are key features of this property?
This property features: Ground floor medical office on the Gulf Coast Medical Center campus with direct access to the hospital via a connected corridor; Approx. 1,229 sq. ft. medical office space; Repairs have been completed for the unit
