Ground Floor Medical Office
For Sale
$455,000
105-2202 State Ave, Panama City, FL 32401
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 Market573
Property Features for 105-2202 State Ave
General Information
Standard status
Active
Size
1,229 SF
Listing Agency:
Centergate Realty LLC
(850) 258-4194
Listed By:
Ayesha Albibi · License #SL3337069
(850) 258-4194
Source:
Exprealty
Added: Jan 16, 2025
Changed: Aug 8
Last Checked: Aug 12 at 9:49AM
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 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 = 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
$16,631
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
3.66%
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%
$332,620
$332.6K
Cap Rate 7%
$237,586
$237.6K
Cap Rate 9%
$184,789
$184.8K
Market Conditions
NOI Build-Up for 1,229 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
$31.0K $25.20/SF
− Vacancy
−$3.3K −$2.65/SF
EGI
$27.7K $22.55/SF
− OpEx
−$11.1K −$9.02/SF
NOI
$16.6K $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%
$332,620
Cap Rate 7%
$237,586
Cap Rate 9%
$184,789
Alternative Uses
Best Use
Healthcare Medical
$237.6K
$207.9K – $277.2K
NOI $16,631 @ 7.0% cap · market cap 3.66%
Second Best
Office B
$221.2K
$193.6K – $258.1K
NOI $15,485 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$309.1K
$270.4K – $360.6K
NOI $21,635 @ 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
1,471
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
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 - 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
