Ground-Floor Medical
For Sale
$1,900,000
2202 State Avenue, Panama City, FL 32405
An interior corridor connects the space to the hospital, and the common areas have been renovated.
Property Size5,123 SF
Price / SF$370.88
Days on Market879
Property Features for 2202 State Avenue
General Information
Standard status
Active
Size
5,123 SF
Property subtype
Office
Additional Details
Floor
Ground Floor
Property Use
Medical Office
Building Details
Building Size
5,123 SF
Year Built
1987
Listing Agency:
Centergate Realty LLC
Listed By:
Ayesha Albibi · License #SL3337069
(850) 258-4194
Source:
Gillmangrouprealty
Added: Jun 1, 2024
Changed: Oct 27
Last Checked: Oct 26 at 4:39PM
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
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Investment Insights
Based on property information with market context.
This 5,123-square-foot medical office space is on the ground floor of a building on the Gulf Coast Medical Center Campus. A connected corridor provides interior access to the hospital. Building repairs are complete, and the common areas have been renovated.
The property is at 2202 State Avenue in Panama City. Units 108B and 103 are rented; the space was built in 1987.
The property is at 2202 State Avenue in Panama City. Units 108B and 103 are rented; the space was built in 1987.
Key Highlights
- 5,123‑square‑foot medical office space on the ground floor
- Connected corridor links the building with the hospital
- Located on the Gulf Coast Medical Center Campus
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$86,139
Cap Rate
4.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,722,780
$1.7M
Cap Rate 7%
$1,230,557
$1.2M
Cap Rate 9%
$957,100
$957.1K
Market Conditions
NOI Build-Up for 5,123 SF
Gross rent
$144.5K $28.20/SF
− Vacancy
−$29.6K −$5.78/SF
EGI
$114.9K $22.42/SF
− OpEx
−$28.7K −$5.60/SF
NOI
$86.1K $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%
$1,722,780
Cap Rate 7%
$1,230,557
Cap Rate 9%
$957,100
Alternative Uses
Best Use
Office B
$1.23M
$1.08M – $1.44M
NOI $86,139 @ 7.0% cap · market cap 4.53%
Second Best
Healthcare Medical
$1.02M
$895.5K – $1.19M
NOI $71,637 @ 7.0% cap · market cap 3.77%
Theoretical Best
Office A
$1.49M
$1.31M – $1.74M
NOI $104,487 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,649
Businesses Nearby
Balanced
Demand for This Use
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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
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - An interior corridor connects the space to the hospital, and the common areas have been renovated.
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: 5,123‑square‑foot medical office space on the ground floor; Connected corridor links the building with the hospital; Located on the Gulf Coast Medical Center Campus
