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    2402 State Ave Panama City, FL 32405

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    For Lease
    $28 SF/Yr

    Class A commercial spaces suitable for medical, office, fitness, or retail.

    Property size:
    44,036 SF
    Lot size:
    44,036 SF

    Property Features for 2402 State Ave

    General Information

    Size
    44,036 SF

    We can help!

    Listing Contact
    Wendy Partie
    Source: Naiglobal

    Listing Agent: Wendy Partie

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Versatile Commercial Space Under Construction

    This Class A commercial development at 2402 State Avenue offers two leasing opportunities: approximately 9,219 square feet of first-floor space suitable for medical or office use, and approximately 14,500 square feet planned as a purpose-designed fitness facility. The fitness space incorporates architectural plans featuring three dedicated pickleball courts and an elevated indoor walking/running track, with an adaptable open layout suitable for a gym, wellness operator, recreation concept, or other commercial uses. Both spaces may accommodate medical, professional office, fitness, or retail tenants. The building is currently under construction with delivery scheduled for Q1 2026, allowing tenants to customize their interiors. The property is located blocks from HCA Florida Gulf Coast Hospital and surrounded by established medical and professional offices, benefiting from strong visibility, convenient access, and high daily traffic from nearby 23rd Street. Ample on-site parking and prominent signage opportunities are available. The property is proximate to HCA Florida Gulf Coast Hospital and is surrounded by a mix of medical offices, professional services, retail centers, and restaurants. Its central location provides easy connectivity to Harrison Avenue, Highway 231, and other major thoroughfares, ensuring strong traffic flow and accessibility from all parts of the region. The location is ideal for medical, dental, therapy, diagnostics, professional office, retail, or gym tenants.
    Location Intelligence

    Current Use by Public Records

    Medical offices

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Gulf Coast Animal Hospital, Gulf Coast Animal Hospital: Taylor Donald R DVM, Scott Robert G DVM, Gulf Veterinary Services

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Walton
    State
    Florida
    Longitude
    -85.6662187
    Latitude
    30.1917806

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    FAQs

    What type of property is this?
    Medical office - Class A commercial spaces suitable for medical, office, fitness, or retail.
    Where is this medical office located?
    The property is located at 2402 State Ave Panama City, FL.
    What is the lease rate?
    The lease rate is $28 SF/Yr.
    What are key features of this property?
    This property features: - Customizable Interiors: Tenants can fully customize their spaces.; - Prime Location: Located blocks from HCA Florida Gulf Coast Hospital with high visibility and access to major thoroughfares.; - Flexible Use: Suitable for medical, professional office, fitness, or retail tenants.
    (601) 405-9820
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    2402 State Ave Panama City, FL 32405
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2402 State Ave Panama City, FL 32405
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    We can help!
    Listing Contact
    Wendy Partie
    Real Estate License ID: FL #3580252
    (601) 405-9820
    Learn more
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