Multi-Use Office Building with
722 N Cove Blvd Panama City, FL 32401
For Sale
$650,000
Versatile building near Downtown with 10 bedrooms and 8 bathrooms, suited for office, medical, or hospitality concepts.
Property Size3,000 SF
Lot Size0.27 Acres
Price / SF$216.67
Days on Market124
Property Features for 722 N Cove Blvd
General Information
Standard status
Active
Size
3,000 SF
Lot size
0.27 Acres
Listing Agency:
Keller Williams Success Realty
(850) 358-3610
Listed By:
Will Pender · License #sl3381749
(850) 358-3610
Source:
Exprealty
Added: Mar 26
Changed: Jul 10
Last Checked: Jul 26 at 4:13PM
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 Keller Williams Success Realty
Investment Insights
Based on property information with market context.
This offering consists of a commercial building with a flexible internal layout designed to support multiple operating models. The property includes 10 bedrooms and 8 bathrooms, with space that can be arranged for private offices, client suites, or guest accommodations. Generous common areas are noted in the description, supporting a layout that can work for professional services, wellness-oriented uses, or hospitality-style operations.
The property is located near Downtown, major shopping centers, and the hospital, with convenient access described as a key benefit. The building sits on a 0.27-acre lot, which may allow for on-site parking and/or future expansion, as indicated in the provided remarks. The listing is for both properties: 722 N Cove Blvd and 722 1/2 MLK.
For buyers and operators, the combination of multiple rooms and bathrooms provides a practical starting point for a range of uses, including office operations, medical or wellness practices, boutique lodging, or assisted-living concepts. If you are looking for a single building that can be adapted to different tenanting or service formats, this configuration may offer the flexibility to align space planning with your specific program.
The property is located near Downtown, major shopping centers, and the hospital, with convenient access described as a key benefit. The building sits on a 0.27-acre lot, which may allow for on-site parking and/or future expansion, as indicated in the provided remarks. The listing is for both properties: 722 N Cove Blvd and 722 1/2 MLK.
For buyers and operators, the combination of multiple rooms and bathrooms provides a practical starting point for a range of uses, including office operations, medical or wellness practices, boutique lodging, or assisted-living concepts. If you are looking for a single building that can be adapted to different tenanting or service formats, this configuration may offer the flexibility to align space planning with your specific program.
Key Highlights
- Listing includes both properties: 722 Martin Luther King and 722 1/2 MLK
- Over 3,000 sq. ft. commercial building on a 0.27‑acre lot
- 10 bedrooms and 8 bathrooms across the property’s flexible layout
Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $75.6k | $25.20 |
| − Vacancy | −$7.9k | −$2.65 |
| EGI | $67.7k | $22.55 |
| − OpEx | −$27.1k | −$9.02 |
| NOI | $40.6k | $13.53 |
3,000 SF · lease $25.20/SF/yr · vacancy 10.50% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$580.0K
$507.5K – $676.6K
NOI $40,597 @ 7.0% cap · market cap 6.25%
Second Best
Office B
$540.0K
$472.5K – $630.0K
NOI $37,800 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$754.5K
$660.2K – $880.2K
NOI $52,812 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office building - Versatile building near Downtown with 10 bedrooms and 8 bathrooms, suited for office, medical, or hospitality concepts.
Where is this office building located?
The property is located at 722 N Cove Blvd Panama City, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Listing includes both properties: 722 Martin Luther King and 722 1/2 MLK; Over 3,000 sq. ft. commercial building on a 0.27‑acre lot; 10 bedrooms and 8 bathrooms across the property’s flexible layout
