Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2401 State Ave Panama City, FL 32405-3940

    • Medical Office Space
    • 9,236 SF
    • 2.24 lot acres
    OFF-MARKET
    Value Estimations
    $905,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US19-0894291
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Eye Center South / Medical Clinic / Ophthalmologist
    • Management Services Department / County Government Office
    • April Lyne Lowe / Physician
    • Sturridge Kirk A MD / Ophthalmologist / (Bike/Boat/Book/etc) Store
    • Basagi Zsolt C MD / Physician / Ophthalmologist

    Property Details for 2401 State Ave

    Year built
    2000
    Construction
    WOOD
    Lot size
    2.24 lot acres
    Property size
    9,236 SF
    Zone code
    PC09
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    13015-306-000
    APU
    13015306000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $961,000
      Market price range: $771k - $1.49M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,165,000
      Current use
      RETAIL STORES
      $1,425,000
      Change: +22% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,345,000
      Change: +15% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Bay
    State
    Florida
    Longitude
    -85.6675
    Latitude
    30.1918
    CBSA code
    37460
    CBSA name
    PANAMA CITY-LYNN HAVEN, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $13,635
    $200,080
    $581,123
    $781,203
    -
    $200,080
    $581,123
    $781,203

    Comparable in this City

    • Value Estimation
      $1,570,000
      14,651 SF

      80 Doctors Dr

      MEDICAL BUILDING • 14,651 SF
      80 Doctors Dr, Panama City, FL 32405-4517
      View Details
    • Value Estimation
      $705,000
      5,538 SF

      329 34th St

      MEDICAL BUILDING • 5,538 SF
      329 34th St, Panama City, FL 32405-4202
      View Details
    • Value Estimation by Request
      2,520 SF

      2559 Huntcliff Ln, Unit 2561

      MEDICAL BUILDING • 2,520 SF
      2559 Huntcliff Ln, Panama City, FL 32405-4902
      View Details
    • Value Estimation
      $660,000
      5,052 SF

      2620 Jenks Ave

      MEDICAL BUILDING • 5,052 SF
      2620 Jenks Ave, Panama City, FL 32405-4311
      View Details
    • Value Estimation
      $785,000
      8,002 SF

      425 19th St

      MEDICAL BUILDING • 8,002 SF
      425 19th St, Panama City, FL 32405-4659
      View Details
    • Value Estimation
      $755,000
      6,588 SF

      201 19th St

      MEDICAL BUILDING • 6,588 SF
      201 19th St, Panama City, FL 32405-4717
      View Details

    Similar Nearby for Sale

    • $700,000

      Medical Office Building Panama City

      Updated medical office in Panama City's medical district.
      2636 Jenks Ave, Panama City, FL 32405
      View Details
    • $4,000,000
      22,000 SF

      Prime Panama City Office Complex

      22,000 SF Multi-Use Office Building
      2420 Jenks Ave, Panama City, FL 32405
      View Details
    • $351,000
      52,272 SF

      Commercial Lot in Premier Location

      1.65 acre commercial lot, design ready, ideal for development.
      1200 W 19Th St, Panama City, FL 32405
      View Details
    • $1,650,000

      Prime Commercial Development Opportunity

      9.08 acre commercial parcel, design ready, excellent location.
      1900 Northside Dr, Panama City, FL 32405
      View Details
    • Contact for pricing
      9,219 SF

      Class A Medical Office Space

      9,219 SF Class A medical/office space available Q1 2026.
      2402 State Ave, Panama City, FL 32405
      View Details
    • $455,000
      1,229 SF

      Medical Office in Desirable Location

      Ground floor medical office space in sought-after medical complex.
      2202 State Ave, Panama City, FL 32405
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      2,720 SF

      Panama City Medical Office Suite

      2720 SF Medical/Office Space, Prime Location
      221 East 23rd Street | Panama City, FL 32405, Panama City, FL 32405
      View Details
    • $25 SF/Yr
      2,783 SF

      Turnkey Medical Office Space Available

      Equipped medical office suite with X-ray, ready for practice.
      2426 Jenks Ave, Panama City, FL 32405
      View Details
    • $18 SF/Yr
      2,801 SF

      Medical Office Space For Rent

      Well-designed medical office space with excellent visibility and convenient access.
      2420 Jenks Ave, Panama City, FL 32405
      View Details
    • $18 SF/Yr
      38,000 SF

      Gilberg's Plaza: Panama City Retail

      Prime Panama City retail space available.
      2421 Fl-77, Panama City, FL 32405
      View Details
    • $16 SF/Yr
      60,000 SF

      Panama City Beach Office Space

      Class A Office, Flexible Suites Available
      3109 Minnesota Ave, Panama City, FL 32405
      View Details
    • $18 SF/Yr
      29,826 SF

      Comcast Building Office Space

      Panama City, FL Office Suite Available
      4001 23Rd St, Panama City, FL 32405
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2401 State Ave
    Panama City, FL 32405-3940
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!