Medical Office Condominium For
For Sale
$1,900,000
2202 State Avenue, Panama City, FL 32405
Medical office condominium located on the Gulf Coast Medical Campus.
Property Size5,123 SF
Days on Market1165
Property Features for 2202 State Avenue
General Information
Standard status
Active
Size
5,123 SF
Zoning
Commercial, City
Amenities
Central, Electric
Building Details
Building Size
5,123 SF
Year Built
1987
Listing Agency:
Centergate Realty LLC
(850) 258-4194
Listed By:
Ayesha Albibi · License #SL3337069
(850) 258-4194
Source:
Evrealestate
Added: Jun 20, 2023
Changed: Aug 25
Last Checked: Aug 26 at 7:30AM
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.
Located on the west side of the Gulf Coast Medical Campus, this medical office condominium, known as Gulf Coast Medical Plaza, is available for purchase. Situated on State Avenue, south of West 23rd Street, the property is located on the east side of the road. Specifically, Units 102, 103, 104 and 105 are located on the first floor entrance.
Key Highlights
- Located on the west side of the Gulf Coast Medical Campus.
- Gulf Coast Medical Plaza is a medical office condominium.
- Units 102, 103, 104 and 105 are on the first floor.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$69,326
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.65%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,386,520
$1.4M
Cap Rate 7%
$990,371
$990.4K
Cap Rate 9%
$770,289
$770.3K
Market Conditions
NOI Build-Up for 5,123 SF
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.
Gross rent
$129.1K $25.20/SF
− Vacancy
−$13.6K −$2.65/SF
EGI
$115.5K $22.55/SF
− OpEx
−$46.2K −$9.02/SF
NOI
$69.3K $13.53/SF
Area
Walton County, FL
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,386,520
Cap Rate 7%
$990,371
Cap Rate 9%
$770,289
Alternative Uses
Best Use
Healthcare Medical
$990.4K
$866.6K – $1.16M
NOI $69,326 @ 7.0% cap · market cap 3.65%
Second Best
Office B
$922.1K
$806.9K – $1.08M
NOI $64,550 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,185 @ 7.0% cap · market cap 4.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,649
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 - Medical office condominium located on the Gulf Coast Medical Campus.
Where is this medical office space located?
The property is located at 2202 State Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Located on the west side of the Gulf Coast Medical Campus.; Gulf Coast Medical Plaza is a medical office condominium.; Units 102, 103, 104 and 105 are on the first floor.
