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    Panama City Medical Office Space Title is generated by Realmo AI

    2507 Harrison Ave Suite 200 Panama City FL 32405, Panama City, FL 32405

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    For Sale
    $825,000

    +/-3500sf medical office space

    Property size:
    3,500 SF
    Price / SF:
    $235/SF
    Added:
    Jan 23, 2025
    Days on Market:
    480
    Last Refresh:
    Mar 16 at 9:06 am

    Property Features for 2507 Harrison Ave Suite 200 Panama City FL 32405

    General Information

    Standard status
    Active
    Property type
    Medical Office Space, Medical centers, Medical space, Office Spaces, Healthcare properties
    Size
    3,500 SF
    Class
    A
    Elevators
    N/A

    We can help!

    Listing Contact
    Brent Faison

    Listing agent Brent

    Listing office

    Listing date Jan 23, 2025

    Overview

    This 3,500 square foot medical office space is located in Panama City, Florida. The property is situated approximately 200 yards from the intersection of W. 23rd Street and Harrison Avenue, a major arterial highway with an average daily traffic count of 35,000. The location offers easy access to major healthcare facilities, including HCA Florida Hospital and Ascension Sacred Heart Bay, as well as numerous retail centers, banks, and restaurants. The building features high-end interior finishes and ample on-site surface parking. The layout includes dual reception areas, three executive offices, four bathrooms, five exam rooms with plumbing, and a dedicated x-ray room. The space is approximately 3,500 rentable square feet and 3,000 usable square feet. The property is designed to accommodate multiple providers and presents a turnkey opportunity for healthcare professionals seeking a well-established and highly visible location.
    Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Similar Places Nearby

    • Banfield Pet Hospital — 849 E 23rd St, Panama City, FL 32405
    • 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

    Map

    City
    Panama City
    County
    Walton
    State
    Florida
    Longitude
    -85.6581
    Latitude
    30.1989

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    FAQs

    What type of property is this?
    Medical Office Space - +/-3500sf medical office space
    Where is this medical office space located?
    The property is located at 2507 Harrison Ave Suite 200 Panama City FL 32405 Panama City, FL.
    What is the asking price?
    The asking price for this property is $825,000.
    (850) 249-2879
    We can help!
    Listing Contact
    Brent Faison
    Learn More
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    2507 Harrison Ave Suite 200 | Panama City, FL 32405, Panama City, FL 32405
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