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Property profile & analytics
OFF-MARKET
Estimated value
$780,000
Medical Office Space
2232 24th St, Panama City, FL 32405-2226
Individually Owned
3-yr Hold
~
Est. High Equity
Property ID
US18-3985414
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1990
Construction
WOOD
Total area
5,608 SF
Lot
0.61 ac (26,676 SF)
Zoning code
BC04
APN
26718-014-000
UPID
US18-3985414
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
-
Bay Arthritis Physician
-
Bay Arthritis Institute Physician
-
Dr. Nayan K. Bhatt, MD Physician
-
Dr. Amir Agha Rheumatologist Physician
-
Dr. Dinesh K. Bhatt, MD Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$690k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$817k
Blend (final)
Blend
$780k
Owner & transaction history
Arthritis & Rheumatology Of Panama · 3 yrs held
Arthritis & Rheumatology Of Panama
since 2023
Last sale
$835,000
2 recorded transactions
Zoning & alternative use
BC04 · Panama City, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.2M
+69.1%
Retail stores
$865,000
+22.4%
Commercial (general)
$815,000
+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
$710,000
ML approach
$690,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$710,000
Current use
OFFICE BUILDING
$1,195,000
Change: +69% · Conversion: Easy
RETAIL STORES
$865,000
Change: +22% · Conversion: Difficult
COMMERCIAL (GENERAL)
$815,000
Change: +15% · Conversion: Easy
Blend value · Realmo final
$780k
Range $702k – $858k · ±10% · vs last sale $835k (Jun 1 2023)
Last sale anchor
$835k
Jun 1 2023
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
$139 / 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
$11,308
Tax year 2023
Assessed value
$663,749
Assessed 2023
Previous assessed
$602,426
+10.2% YoY
Effective rate
1.70%
On assessed value
Assessed land
$154,720
Assessed improvement
$509,029
Land market value
$154,720
Improvement market value
$509,029
Total market value
$663,749
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
1990
Construction
WOOD
Heating
FORCED AIR
Cooling
CENTRAL
Stories
2
Rooms
19
Total area
5,608 SF
Lot
0.61 ac (26,676 SF)
Zoning code
BC04
APN
26718-014-000
UPID
US18-3985414
Jurisdiction
BAY
Zoning & alternative use
BC04 · Panama City, FL
Zoning BC04 · permitted uses
BC04 · 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
$710,000
OFFICE BUILDING
Est. value
$1.2M
RETAIL STORES
Est. value
$865,000
COMMERCIAL (GENERAL)
Est. value
$815,000
MEDICAL BUILDING Current
OFFICE BUILDING
RETAIL STORES
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
1990
Construction
WOOD
Heating
FORCED AIR
Cooling
Yes
Stories
2
Rooms
19
Lot
0.61 ac
Current owner
From public records · entity-resolved
Arthritis & Rheumatology Of Panama
Individual
Mailing address
3407 N HARBOUR CIR, PANAMA CITY, FL 32405-1635
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 1, 2023
$835,000
Arthritis & Rheumatology Of Panama
Divya LLC
Warranty Deed
$875,000 · Cadence Bank NA
Jul 29, 2016
$565,000
Divya LLC
Bayside Enterprises Of Florida LLC
Warranty 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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