Ground-Floor Medical Office
For Sale
$535,000
2202 State Avenue 102, Panama City, FL 32405
A corridor provides direct interior access to the hospital from this suite in a medical complex.
Property Size1,448 SF
Price / SF$369.48
Days on Market650
Property Features for 2202 State Avenue 102
General Information
Standard status
Active
Size
1,448 SF
Property subtype
Office
Additional Details
Floor
Ground Floor
Property Use
Medical Office
Amenities
connected corridor
Building Details
Building Size
1,448 SF
Year Built
1987
Tenancy
Multi
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 26 at 4:10PM
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 1,229-square-foot medical office suite is on the ground floor of a medical complex. Repairs to the unit are complete, and the shared areas have been renovated. The building dates to 1987.
A connected corridor links the complex to the hospital on the Gulf Coast Medical Center Campus, providing interior access between the office and the hospital.
A connected corridor links the complex to the hospital on the Gulf Coast Medical Center Campus, providing interior access between the office and the hospital.
Key Highlights
- 1,229‑square‑foot medical office suite
- Ground‑floor position in a medical complex
- Connected corridor provides direct access to the hospital
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,347
Cap Rate
4.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$486,940
$486.9K
Cap Rate 7%
$347,814
$347.8K
Cap Rate 9%
$270,522
$270.5K
Market Conditions
NOI Build-Up for 1,448 SF
Gross rent
$40.8K $28.20/SF
− Vacancy
−$8.4K −$5.78/SF
EGI
$32.5K $22.42/SF
− OpEx
−$8.1K −$5.60/SF
NOI
$24.3K $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%
$486,940
Cap Rate 7%
$347,814
Cap Rate 9%
$270,522
Alternative Uses
Best Use
Office B
$347.8K
$304.3K – $405.8K
NOI $24,347 @ 7.0% cap · market cap 4.55%
Second Best
Healthcare Medical
$289.3K
$253.1K – $337.5K
NOI $20,248 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$421.9K
$369.2K – $492.2K
NOI $29,533 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
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
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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 - A corridor provides direct interior access to the hospital from this suite in a medical complex.
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: 1,229‑square‑foot medical office suite; Ground‑floor position in a medical complex; Connected corridor provides direct access to the hospital
