Ground Floor Medical Office
2202 State Avenue #102 Panama City, FL 32405
For Sale
$535,000
Ground floor office suite in a medical complex with direct connected corridor access to the hospital.
Property Size1,448 SF
Price / SF$369.48
Days on Market555
Property Features for 2202 State Avenue #102
General Information
- Standard status
- Active
- Size
- 1,448 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1987
Listing Agency:
Centergate Realty LLC
(850) 258-4194
Listed By:
Ayesha Albibi · License #SL3337069
(850) 258-4194
Source:
Fullsailnwfl
Added: Jan 16, 2025
Changed: Jul 22
Last Checked: Jul 24 at 3:48PM
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 Gulf Coast Medical Center Campus, this ground floor medical office suite is available for sale at 2202 State Avenue, Suite 102. The suite is approximately 1,448 square feet and is described as having completed repairs. Common areas within the complex have been newly renovated.
A key convenience for day-to-day operations is direct access to the hospital via a connected corridor. This allows smoother patient and staff movement between the office suite and the medical center.
For tenants and buyers focused on a healthcare campus setting, the combination of ground floor placement, recently completed repairs, and updated common areas supports a more turnkey start within the medical complex.
A key convenience for day-to-day operations is direct access to the hospital via a connected corridor. This allows smoother patient and staff movement between the office suite and the medical center.
For tenants and buyers focused on a healthcare campus setting, the combination of ground floor placement, recently completed repairs, and updated common areas supports a more turnkey start within the medical complex.
Key Highlights
- Ground floor medical office suite in a medical complex on the Gulf Coast Medical Center campus
- 1,448 sq. ft. office space (sizes including sq. ft. are approximate)
- Direct access to the hospital via a connected corridor
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 | $36.5k | $25.20 |
| − Vacancy | −$3.8k | −$2.65 |
| EGI | $32.7k | $22.55 |
| − OpEx | −$13.1k | −$9.02 |
| NOI | $19.6k | $13.53 |
1,448 SF · lease $25.20/SF/yr · vacancy 10.50% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$279.9K
$244.9K – $326.6K
NOI $19,595 @ 7.0% cap · market cap 3.66%
Second Best
Office B
$260.6K
$228.1K – $304.1K
NOI $18,245 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$364.2K
$318.6K – $424.9K
NOI $25,491 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Gulf Coast Medical ...
Parking Lot & Garage
Karin Maddox, MD
Physician
Brain and Spine Specialists
Physician
Michael Taylor, MD
Physician
Dr. Achraf A. Makki, ...
Physician
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FAQs
What type of property is this?
Medical Office Space - Ground floor office suite in a medical complex with direct connected corridor access to the hospital.
Where is this medical office space located?
The property is located at 2202 State Avenue #102 Panama City, FL.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Ground floor medical office suite in a medical complex on the Gulf Coast Medical Center campus; 1,448 sq. ft. office space (sizes including sq. ft. are approximate); Direct access to the hospital via a connected corridor
