Panama City Medical Office
For Sale
$825,000
2507 Harrison Ave Suite 200 Panama City FL 32405, Panama City, FL 32405
+/-3500sf medical office space
Property Size3,500 SF
Price / SF$235.71
Days on Market624
Property Features for 2507 Harrison Ave Suite 200 Panama City FL 32405
General Information
Standard status
Active
Property type
Medical Office Space, Medical centers, Medical space, Office Spaces, Healthcare properties
Size
3,500 SF
Class
A
Elevators
N/A
Listed By:
Brent Faison
(850) 249-2879
Added: Jan 23, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
This 3,500 square foot medical office space is located in Panama City, Florida. The property is situated approximately 200 yards from the intersection of W. 23rd Street and Harrison Avenue, a major arterial highway with an average daily traffic count of 35,000. The location offers easy access to major healthcare facilities, including HCA Florida Hospital and Ascension Sacred Heart Bay, as well as numerous retail centers, banks, and restaurants. The building features high-end interior finishes and ample on-site surface parking. The layout includes dual reception areas, three executive offices, four bathrooms, five exam rooms with plumbing, and a dedicated x-ray room. The space is approximately 3,500 rentable square feet and 3,000 usable square feet. The property is designed to accommodate multiple providers and presents a turnkey opportunity for healthcare professionals seeking a well-established and highly visible location.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,850
Cap Rate
7.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,177,000
$1.2M
Cap Rate 7%
$840,714
$840.7K
Cap Rate 9%
$653,889
$653.9K
Market Conditions
NOI Build-Up for 3,500 SF
Gross rent
$98.7K $28.20/SF
− Vacancy
−$20.2K −$5.78/SF
EGI
$78.5K $22.42/SF
− OpEx
−$19.6K −$5.60/SF
NOI
$58.8K $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%
$1,177,000
Cap Rate 7%
$840,714
Cap Rate 9%
$653,889
Alternative Uses
Best Use
Office B
$840.7K
$735.6K – $980.8K
NOI $58,850 @ 7.0% cap · market cap 7.13%
Second Best
Healthcare Medical
$699.2K
$611.8K – $815.7K
NOI $48,942 @ 7.0% cap · market cap 5.93%
Theoretical Best
Office A
$1.02M
$892.3K – $1.19M
NOI $71,385 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
733
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32405, FL
28,158
Population
13,585
Households
2.1
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
18.8 sq mi
ZIP Area
1,498
Density / Sq Mi
$71,002
Median Household Income
$41,867
Median Earnings
$1,418
Median Rent
$255,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - +/-3500sf medical office space
Where is this medical office space located?
The property is located at 2507 Harrison Ave Suite 200 Panama City FL 32405 Panama City, FL.
What is the asking price?
The asking price for this property is $825,000.
