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Property profile & analytics
OFF-MARKET
Estimated value
$4,900,000
Medical Office Space
1940 Harrison Ave, Panama City, FL 32405-4542
Individually Owned
16-yr Hold
Free & Clear
Property ID
US18-4523190
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1987
Construction
STEEL FRAME
Total area
55,761 SF
Lot
35.23 ac (1,534,749 SF)
Zoning code
PC09
APN
14423-000-000
UPID
US18-4523190
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Kelechi Ogbuji Physician
-
D. Bianca Harbison, MD Physician
-
James Brown Physician
-
Heather Swiger Foster Care Service Social Service Agency
-
Martha Ruder Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.65M
Blend (final)
Blend
$4.90M
Owner & transaction history
Coast Behavioral Hosp Emerlad · 16 yrs held
Coast Behavioral Hosp Emerlad
since 2009
3 recorded transactions
Zoning & alternative use
PC09 · Panama City, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$8.1M
+15.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Panama City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Panama City submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$7,040,000
Current use
COMMERCIAL (GENERAL)
$8,130,000
Change: +15% · Conversion: Easy
Blend value · Realmo final
$4.90M
Range $4.41M – $5.39M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$88 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$58,558
Tax year 2023
Assessed value
$3,515,776
Assessed 2023
Previous assessed
$3,515,776
+0.0% YoY
Effective rate
1.67%
On assessed value
Assessed land
$2,087,800
Assessed improvement
$1,427,976
Land market value
$2,087,800
Improvement market value
$1,427,976
Total market value
$3,515,776
Applied tax rate
16.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1987
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
AC.CHILLED WATER
Stories
1
Rooms
60
Total area
55,761 SF
Lot
35.23 ac (1,534,749 SF)
Zoning code
PC09
APN
14423-000-000
UPID
US18-4523190
Jurisdiction
BAY
Zoning & alternative use
PC09 · Panama City, FL
Zoning PC09 · permitted uses
PC09 · Panama City, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Panama City. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$7.0M
COMMERCIAL (GENERAL)
Est. value
$8.1M
MEDICAL BUILDING Current
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1987
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Rooms
60
Lot
35.23 ac
Current owner
From public records · entity-resolved
Coast Behavioral Hosp Emerlad
Individual
Free & Clear · 16 yrs held
Mailing address
14400 METCALF AVE, OVERLAND PARK, KS 66223-2989
Ownership since
2009
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 30, 2009
—
Coast Behavioral Hosp Emerlad
Bay Medical Center
Quit Claim Deed
related
—
Mar 9, 2000
$3,800,000
Bay Medical Center
Ccs/bay County INC
Grant Deed
related
$4,500,000 · Bay County Board Commissioners
Jun 6, 1997
$3,419,600
Ccs/bay County INC
Vendell Healthcare INC
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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