Ground-Floor Medical Office
For Sale
$905,000
2202 State Avenue 103 & 104, Panama City, FL 32405
Medical office space offers direct hospital access through a connected corridor.
Property Size2,446 SF
Price / SF$369.99
Days on Market45
Property Features for 2202 State Avenue 103 & 104
General Information
Standard status
Active
Size
2,446 SF
Additional Details
Floor
ground
Building Details
Year Built
1987
Listing Agency:
Centergate Realty LLC
Listed By:
Ayesha Albibi · License #SL3337069
(850) 258-4194
Source:
Bemajorteam
Added: Jul 20
Changed: Aug 30
Last Checked: Sep 1 at 10:16PM
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.
This ground-floor medical office space contains approximately 2,446 square feet within a medical complex on the Gulf Coast Medical Center Campus. Repairs to the unit have been completed, providing a refreshed interior for a healthcare-oriented office user.
The property is connected to the hospital by an interior corridor, supporting direct access between the office space and hospital facilities. Common areas throughout the complex have also been newly renovated. The building was constructed in 1987 and is located at 2202 State Avenue in Panama City, Florida.
The property is connected to the hospital by an interior corridor, supporting direct access between the office space and hospital facilities. Common areas throughout the complex have also been newly renovated. The building was constructed in 1987 and is located at 2202 State Avenue in Panama City, Florida.
Key Highlights
- Ground‑floor medical office space totaling approximately 2,446 sq. ft.
- Direct hospital access through a connected corridor
- Located on the Gulf Coast Medical Center Campus
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,100
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.66%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$662,000
$662.0K
Cap Rate 7%
$472,857
$472.9K
Cap Rate 9%
$367,778
$367.8K
Market Conditions
NOI Build-Up for 2,446 SF
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.
Gross rent
$61.6K $25.20/SF
− Vacancy
−$6.5K −$2.65/SF
EGI
$55.2K $22.55/SF
− OpEx
−$22.1K −$9.02/SF
NOI
$33.1K $13.53/SF
Area
Walton County, FL
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$662,000
Cap Rate 7%
$472,857
Cap Rate 9%
$367,778
Alternative Uses
Best Use
Healthcare Medical
$472.9K
$413.8K – $551.7K
NOI $33,100 @ 7.0% cap · market cap 3.66%
Second Best
Office B
$440.3K
$385.3K – $513.7K
NOI $30,820 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$615.1K
$538.2K – $717.7K
NOI $43,059 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with authorities.
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 - Medical office space offers direct hospital access through a connected corridor.
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: Ground‑floor medical office space totaling approximately 2,446 sq. ft.; Direct hospital access through a connected corridor; Located on the Gulf Coast Medical Center Campus
