High-Visibility Commercial Building on Corner
For Sale
Contact for pricing
247 N Highway 22 A, Panama City, FL 32404
2,768 SF commercial building on 0.446-acre corner lot.
Property Size2,768 SF
Lot Size0.45 Acres
Price / SF$137.25
Days on Market194
Property Features for 247 N Highway 22 A
General Information
Standard status
Active
Size
2,768 SF
Lot size
0.45 Acres
Property subtype
Office
Zoning
R-6M
Building Details
Year Built
1974
Listing Agency:
Coldwell Banker Realty
(850) 866-8459
Listed By:
Jay Burkey · License #SL3603671
Source:
Crexi
Added: Jan 30
Changed: Aug 8
Last Checked: Jul 23 at 2:46PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 2,768 square foot commercial brick building is situated on a 0.446-acre corner lot, offering accessibility and exposure. Located on a high-traffic roadway with an estimated 8,099 vehicles per day, the property provides visibility in Bay County. The site has parking and room for additional parking, building expansion, or added warehouse space. The building has operated as an animal hospital and features an entrance lobby, multiple exam rooms, offices, a break room, two bathrooms, and boarding rooms. The layout allows for potential uses, including medical or dental office, HVAC, plumbing, electrical, or other professional or service-based businesses. Property improvements include two HVAC units, a tankless water heater, and a commercial-grade Generac Guardian generator. The roof and HVAC systems were replaced in 2019.
Key Highlights
- High‑visibility location on a high‑traffic corner lot (8,099 vehicles per day) in the heart of Bay County.
- Versatile 2,768 sq ft brick building suitable for various businesses.
- Ample parking with room for expansion or added warehouse space on the .446‑acre lot.
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
$34,877
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
9.18%
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%
$697,540
$697.5K
Cap Rate 7%
$498,243
$498.2K
Cap Rate 9%
$387,522
$387.5K
Market Conditions
NOI Build-Up for 2,768 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
$58.1K $21.00/SF
− Vacancy
−$11.6K −$4.20/SF
EGI
$46.5K $16.80/SF
− OpEx
−$11.6K −$4.20/SF
NOI
$34.9K $12.60/SF
Area
Walton County, FL
Vacancy
20.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$697,540
Cap Rate 7%
$498,243
Cap Rate 9%
$387,522
Alternative Uses
Best Use
Healthcare Medical
$535.1K
$468.2K – $624.3K
NOI $37,458 @ 7.0% cap · market cap 9.86%
Second Best
Office B
$498.2K
$436.0K – $581.3K
NOI $34,877 @ 7.0% cap · market cap 9.18%
Theoretical Best
Office A
$696.1K
$609.1K – $812.1K
NOI $48,728 @ 7.0% cap · market cap 12.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32404, FL
38,186
Population
18,053
Households
2.1
Avg Household Size
40
Median Age
21%
College-Educated
87%
High-School Grad
135.1 sq mi
ZIP Area
283
Density / Sq Mi
$72,208
Median Household Income
$38,701
Median Earnings
$1,355
Median Rent
$239,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Callaway Animal Hospital — 247 N Hwy 22 A, Panama City, FL 32404
Frequently Asked Questions
What type of property is this?
Medical Office Space - 2,768 SF commercial building on 0.446-acre corner lot.
Where is this medical office space located?
The property is located at 247 N Highway 22 A Panama City, FL.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: High‑visibility location on a high‑traffic corner lot (8,099 vehicles per day) in the heart of Bay County.; Versatile 2,768 sq ft brick building suitable for various businesses.; Ample parking with room for expansion or added warehouse space on the .446‑acre lot.
