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    Downtown Safety Harbor Redevelopment Opportunity Title is generated by Realmo AI

    123 2ND AVENUE S, Safety Harbor, FL 34695

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    For Sale
    $895,500

    Commercial lot in Safety Harbor's Community Redevelopment District.

    Type:Land
    Lot size:
    0.14 Acres
    Added:
    Jul 23, 2025
    Days on Market:
    316
    Last Refresh:
    May 20 at 8:21 pm

    Property Features for 123 2ND AVENUE S

    General Information

    Standard status
    Active
    Lot size
    0.14 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Matt Mayers

    Listing agent Matt Mayers License #3409495

    Listing office LIFES A BEACH REAL ESTATE

    Listing date Jul 23, 2025

    Source Search.showcaseidx

    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 LIFES A BEACH REAL ESTATE

    HighLights

    • Rare redevelopment opportunity in the heart of Downtown Safety Harbor's Community Redevelopment District (CRA).
    • Flexible "X" zoning supports retail, professional office, and mixed‑use development (subject to city approval).
    • Located steps from Main Street, Safety Harbor Spa, marina, parks, and year‑round events.
    • Potential for short‑term rentals.
    • Access to CRA incentives for development.
    • Convenient access to Tampa International Airport (20‑25 minutes) and Clearwater Beach.

    Overview

    Located in the heart of Downtown Safety Harbor, this 6,229 square foot commercial lot presents a rare redevelopment opportunity. Situated steps from Main Street in the city's vibrant Community Redevelopment District (CRA), the property is zoned "X" for Storebuilding use, supporting various commercial options such as retail, professional office, and mixed-use developments, subject to city approval. The location offers convenient access to the Safety Harbor Spa, marina, parks, and year-round events. The CRA incentives, flexible zoning, and walkable, high-traffic location make this an ideal spot for boutique development. Safety Harbor is located on the western shore of Old Tampa Bay in Pinellas County, Florida, known for its small-town charm, walkable downtown, and historic roots. Main Street features local boutiques, restaurants, art galleries, and cafes, anchored by the Safety Harbor Resort and Spa. The Community Redevelopment District (CRA) has attracted steady investment and smart growth, offering unique development potential for retail, mixed-use, and hospitality ventures. Safety Harbor provides convenient access to major employment hubs in Tampa, St. Petersburg, and Clearwater via State Road 590 and U.S. Highway 19. Tampa International Airport is approximately 20–25 minutes away. Clearwater Beach is a short drive west. Pinellas County offers a strong foundation for both residential and commercial growth, with top-rated schools, healthcare facilities, parks, and cultural amenities.
    Location Intelligence

    Current Use by Public Records

    Safety Harbor Galleria Clothing & Fashion Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Safety Harbor
    County
    Pinellas
    State
    Florida
    Longitude
    -82.689487
    Latitude
    27.99039

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    FAQs

    What type of property is this?
    Commercial land - Commercial lot in Safety Harbor's Community Redevelopment District.
    Where is this commercial land located?
    The property is located at 123 2ND AVENUE S Safety Harbor, FL.
    What is the asking price?
    The asking price for this property is $895,500.
    What are key features of this property?
    This property features: Rare redevelopment opportunity in the heart of Downtown Safety Harbor's Community Redevelopment District (CRA).; Flexible "X" zoning supports retail, professional office, and mixed‑use development (subject to city approval).; Located steps from Main Street, Safety Harbor Spa, marina, parks, and year‑round events.
    (727) 678-1074
    We can help!
    Listing Contact
    Matt Mayers
    Real Estate License ID: 3409495
    Learn More
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    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.

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