Medical Office with Vacant
629 East Highway 98, Panama City, FL 32401
For Sale
Contact for pricing
The property includes connected sewer and electric service, well water, and direct road access.
Property Size2,010 SF
Lot Size0.29 Acres
Price / SF$241.29
Days on Market22
Property Features for 629 East Highway 98
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Site & Location
Highway Access
Road Access
Utilities to Site
Additional Details
Opportunity Zone
Property Use
Building Details
Buildings
Building Size
Listing Agency:
ACRE Expert LLC
Listed By:
Drew Attias
Source:
Crexi
Added: Oct 22
Changed: Nov 8
Last Checked: Nov 10 at 6:17AM
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 ACRE Expert LLC
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Investment Insights
Based on property information with market context.
The offering combines a 2,010-square-foot medical office with a 0.29-acre vacant lot. The site has ND zoning, connected sewer and electric service, and well water. Road access is available. The property is outside a flood zone, contains no wetlands, and is within an opportunity zone.
Key Highlights
- 2,010‑square‑foot medical office
- 0.29‑acre site includes a vacant lot
- ND zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,797
Cap Rate
6.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$675,940
$675.9K
Cap Rate 7%
$482,814
$482.8K
Cap Rate 9%
$375,522
$375.5K
Market Conditions
NOI Build-Up for 2,010 SF
Gross rent
$56.7K $28.20/SF
− Vacancy
−$11.6K −$5.78/SF
EGI
$45.1K $22.42/SF
− OpEx
−$11.3K −$5.60/SF
NOI
$33.8K $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%
$675,940
Cap Rate 7%
$482,814
Cap Rate 9%
$375,522
Alternative Uses
Best Use
Office B
$482.8K
$422.5K – $563.3K
NOI $33,797 @ 7.0% cap · market cap 6.97%
Second Best
Healthcare Medical
$401.5K
$351.3K – $468.5K
NOI $28,107 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$585.6K
$512.4K – $683.3K
NOI $40,995 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,619
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Medical Office Space in Panama City, FL
Properties on Market for Medical Office Space in Panama City
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Medical Office Space - The property includes connected sewer and electric service, well water, and direct road access.
Where is this medical office space located?
The property is located at 629 East Highway 98 Panama City, FL.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: 2,010‑square‑foot medical office; 0.29‑acre site includes a vacant lot; ND zoning
