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 Market140
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: Aug 12 at 12:45PM
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
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
$40,597
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
6.25%
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%
$811,940
$811.9K
Cap Rate 7%
$579,957
$580.0K
Cap Rate 9%
$451,078
$451.1K
Market Conditions
NOI Build-Up for 3,000 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
$75.6K $25.20/SF
− Vacancy
−$7.9K −$2.65/SF
EGI
$67.7K $22.55/SF
− OpEx
−$27.1K −$9.02/SF
NOI
$40.6K $13.53/SF
Area
Walton County, FL
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$811,940
Cap Rate 7%
$579,957
Cap Rate 9%
$451,078
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
Current Use
Location Intelligence
Trade Area within ½ mile
1,709
Businesses Nearby
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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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
