Medical Office Condominium For
For Sale
$905,000
2202 State Avenue 103 & 104, Panama City, FL 32405
Medical office condominium located on the Gulf Coast Medical Campus.
Property Size2,446 SF
Price / SF$369.99
Days on Market154
Property Features for 2202 State Avenue 103 & 104
General Information
Standard status
Active
Size
2,446 SF
Building Details
Year Built
1987
Listing Agency:
Centergate Realty LLC
Listed By:
Ayesha Albibi · License #SL3337069
(850) 258-4194
Source:
Bemajorteam
Added: May 21
Changed: Oct 15
Last Checked: Oct 7 at 1:24PM
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.
Located on the west side of the Gulf Coast Medical Campus, this medical office condominium, known as Gulf Coast Medical Plaza, is available for purchase. Situated on State Avenue, south of West 23rd Street, the property is located on the east side of the road. Specifically, Units 102, 103, 104 and 105 are located on the first floor entrance.
Key Highlights
- Located on the west side of the Gulf Coast Medical Campus.
- Gulf Coast Medical Plaza is a medical office condominium.
- Units 102, 103, 104 and 105 are on the first floor.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,128
Cap Rate
4.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$822,560
$822.6K
Cap Rate 7%
$587,543
$587.5K
Cap Rate 9%
$456,978
$457.0K
Market Conditions
NOI Build-Up for 2,446 SF
Gross rent
$69.0K $28.20/SF
− Vacancy
−$14.1K −$5.78/SF
EGI
$54.8K $22.42/SF
− OpEx
−$13.7K −$5.60/SF
NOI
$41.1K $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%
$822,560
Cap Rate 7%
$587,543
Cap Rate 9%
$456,978
Alternative Uses
Best Use
Office B
$587.5K
$514.1K – $685.5K
NOI $41,128 @ 7.0% cap · market cap 4.54%
Second Best
Healthcare Medical
$488.6K
$427.6K – $570.1K
NOI $34,204 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$712.7K
$623.6K – $831.5K
NOI $49,888 @ 7.0% cap · market cap 5.51%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Medical office condominium located on the Gulf Coast Medical Campus.
Where is this medical office space located?
The property is located at 2202 State Avenue 103 & 104 Panama City, FL.
What is the asking price?
The asking price for this property is $905,000.
What are key features of this property?
This property features: Located on the west side of the Gulf Coast Medical Campus.; Gulf Coast Medical Plaza is a medical office condominium.; Units 102, 103, 104 and 105 are on the first floor.
