Medical Office on Hospital
2202 State Avenue #103 & 104 Panama City, FL 32405
For Sale
$905,000
Ground floor medical office space with hospital access for sale.
Property Size2,446 SF
Price / SF$369.99
Days on Market558
Property Features for 2202 State Avenue #103 & 104
General Information
Standard status
Active
Size
2,446 SF
Property subtype
Commercial
Building Details
Year Built
1987
Listing Agency:
CENTERGATE REALTY LLC
(850) 764-3480
Listed By:
AYESHA ALBIBI · License #SL3337069
Source:
Corcoran
Added: Jan 16, 2025
Changed: Jul 6
Last Checked: Jul 27 at 9:09AM
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 2,446 sq. ft. ground floor office space is located in a medical complex on the Gulf Coast Medical Center Campus, offering direct access to the hospital via a connected corridor. The unit is suited for any medical practice seeking a convenient location. Repairs to the unit have been completed, and all common areas are newly renovated. Other units are also available for sale within the complex.
Key Highlights
- Prime location within the Gulf Coast Medical Center Campus, offering direct access to the hospital.
- 2,446 sq. ft. ground floor medical office space, ideal for medical practices.
- Newly renovated common areas enhance the professional environment.
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 | $61.6k | $25.20 |
| − Vacancy | −$6.5k | −$2.65 |
| EGI | $55.2k | $22.55 |
| − OpEx | −$22.1k | −$9.02 |
| NOI | $33.1k | $13.53 |
2,446 SF · lease $25.20/SF/yr · vacancy 10.50% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$472.9K
$413.8K – $551.7K
NOI $33,100 @ 7.0% cap · market cap 3.66%
Second Best
Office B
$440.3K
$385.3K – $513.7K
NOI $30,820 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$615.1K
$538.2K – $717.7K
NOI $43,059 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Similar Off Market Nearby
- Banfield Pet Hospital — 849 E 23rd St, Panama City, FL 32405
- Forest Park Animal Hospital PA — 2640 Jenks Ave, Panama City, FL 32405
- Forest Park Animal Hospital PA: Baker Ashley DVM — 2640 Jenks Ave, Panama City, FL 32405
Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground floor medical office space with hospital access for sale.
Where is this medical office space located?
The property is located at 2202 State Avenue #103 & 104 Panama City, FL.
What is the asking price?
The asking price for this property is $905,000.
What are key features of this property?
This property features: Prime location within the Gulf Coast Medical Center Campus, offering direct access to the hospital.; 2,446 sq. ft. ground floor medical office space, ideal for medical practices.; Newly renovated common areas enhance the professional environment.
