Multi-Use Office Building with
For Sale
$650,000
722 N Cove Blvd, Panama City, FL 32401
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 Market216
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
(847) 381-9500
Listed By:
Will Pender · License #sl3381749
(850) 358-3610
Source:
Exprealty
Added: Mar 26
Changed: Oct 25
Last Checked: Oct 26 at 6:47PM
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
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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
Estimated NOI and Cap Rate
NOI / Yr
$50,443
Cap Rate
7.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,008,860
$1.0M
Cap Rate 7%
$720,614
$720.6K
Cap Rate 9%
$560,478
$560.5K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$84.6K $28.20/SF
− Vacancy
−$17.3K −$5.78/SF
EGI
$67.3K $22.42/SF
− OpEx
−$16.8K −$5.60/SF
NOI
$50.4K $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%
$1,008,860
Cap Rate 7%
$720,614
Cap Rate 9%
$560,478
Alternative Uses
Best Use
Office B
$720.6K
$630.5K – $840.7K
NOI $50,443 @ 7.0% cap · market cap 7.76%
Second Best
Healthcare Medical
$599.3K
$524.4K – $699.2K
NOI $41,950 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$874.1K
$764.8K – $1.02M
NOI $61,187 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,709
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in South region
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
