Ground-Floor Medical
For Sale
$455,000
2202 State Avenue 105, Panama City, FL 32405
The unit is within a medical complex connected to the hospital by a corridor.
Property Size1,229 SF
Price / SF$370.22
Days on Market650
Property Features for 2202 State Avenue 105
General Information
Standard status
Active
Size
1,229 SF
Property subtype
Office
Additional Details
Floor
Ground Floor
Property Use
Medical Office
Building Details
Building Size
1,229 SF
Year Built
1987
Listing Agency:
Centergate Realty LLC
Listed By:
Ayesha Albibi · License #SL3337069
(850) 258-4194
Source:
Gillmangrouprealty
Added: Jan 16, 2025
Changed: Oct 27
Last Checked: Oct 27 at 3:28AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,229-square-foot medical office is on the ground floor of a medical complex. Repairs to the unit have been completed, and the building’s common areas have been renovated. The property was built in 1987.
A corridor connects the complex to the hospital on the Gulf Coast Medical Center Campus. The unit is located at 2202 State Avenue in Panama City, Florida.
A corridor connects the complex to the hospital on the Gulf Coast Medical Center Campus. The unit is located at 2202 State Avenue in Panama City, Florida.
Key Highlights
- 1,229‑square‑foot medical office unit
- Ground‑floor location
- Connected corridor provides access to the hospital
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,665
Cap Rate
4.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$413,300
$413.3K
Cap Rate 7%
$295,214
$295.2K
Cap Rate 9%
$229,611
$229.6K
Market Conditions
NOI Build-Up for 1,229 SF
Gross rent
$34.7K $28.20/SF
− Vacancy
−$7.1K −$5.78/SF
EGI
$27.6K $22.42/SF
− OpEx
−$6.9K −$5.60/SF
NOI
$20.7K $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%
$413,300
Cap Rate 7%
$295,214
Cap Rate 9%
$229,611
Alternative Uses
Best Use
Office B
$295.2K
$258.3K – $344.4K
NOI $20,665 @ 7.0% cap · market cap 4.54%
Second Best
Healthcare Medical
$245.5K
$214.8K – $286.4K
NOI $17,186 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$358.1K
$313.3K – $417.8K
NOI $25,066 @ 7.0% cap · market cap 5.51%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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
Similar Off Market Nearby
- 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 - The unit is within a medical complex connected to the hospital by a corridor.
Where is this medical office space located?
The property is located at 2202 State Avenue 105 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: 1,229‑square‑foot medical office unit; Ground‑floor location; Connected corridor provides access to the hospital
