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    Restored Commercial Space in Tarpon Title is generated by Realmo AI

    131 HIBISCUS STREET, Tarpon Springs, FL 34689

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    Claim this Listing
    For Sale
    $615,000

    Historic building in downtown Tarpon Springs, ideal for various businesses.

    Type:Commercial
    Property size:
    3,550 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $173/SF
    Added:
    Sep 2, 2025
    Days on Market:
    276
    Last Refresh:
    May 10 at 10:11 pm

    Property Features for 131 HIBISCUS STREET

    General Information

    Standard status
    Active
    Size
    3,550 SF
    Lot size
    0.14 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1910

    We can help!

    Listing Contact
    NICHOLAS VAVOULIS
    NICHOLAS VAVOULIS

    Listing agent NICHOLAS VAVOULIS License #3039347

    Listing office RE/MAX MARKETING SPECIALISTS

    Listing date Sep 2, 2025

    Source Corcoran

    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 RE/MAX MARKETING SPECIALISTS

    HighLights

    • Prime location in the heart of Tarpon Springs, near Sponge Docks and Spring Bayou, ensuring high visibility.
    • Restored 1910 commercial space with a historic facade and modern interior.
    • Recent upgrades include new AC units, ADA‑compliant restrooms, updated 3‑phase electrical service, and a 40‑year roof installed in 2018.
    • Flexible layout suitable for various business types with convenient parking, rear delivery access, and adaptable storage.
    • Opportunity to acquire the existing turnkey brewery and sandwich shop operation.
    • Located in a vibrant area known for attracting visitors and locals.

    Overview

    Located in Tarpon Springs' iconic district, this restored 1910 commercial space at 131 Hibiscus Street offers an opportunity to establish a business in a high-traffic location. The property features an updated 3-phase electrical service, ADA-compliant restrooms, new AC units, and a 40-year roof installed in 2018. The layout includes convenient parking, rear delivery access, and adaptable storage space suitable for retail, hospitality, dining, or professional use. Situated blocks from the Sponge Docks and a short walk to Spring Bayou, the location benefits from consistent activity and strong visibility. The property, with a size of 3550 square feet, is currently home to a brewery and sandwich shop, with the potential to acquire the existing turnkey concept. This property offers a place in downtown Tarpon Springs, where history and opportunity converge.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $55.4k $15.60
    − Vacancy −$2.8k −$0.78
    EGI $52.6k $14.82
    − OpEx −$13.2k −$3.70
    NOI $39.5k $11.11
    3,550 SF · lease $15.60/SF/yr · vacancy 5.00% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $563.7K
    $493.2K – $657.6K (±1% cap)
    NOI $39,458 @ 7.0% cap · market cap 6.42%
    Second Best
    Retail
    $497.9K
    $435.7K – $580.9K (±1% cap)
    NOI $34,852 @ 7.0% cap · market cap 5.67%
    Theoretical Best
    Office A
    $808.7K
    $707.6K – $943.5K (±1% cap)
    NOI $56,607 @ 7.0% cap · market cap 9.20%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    5 Branches Brewing Production Facility Beach Bum Brewing Cafe & Coffee Shop

    Suggested Use

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

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

    Similar Places Nearby

    • Flowers Tarpon Spring Florist — tarpon springs, fl 34689

    Location Insight

    • Map
    • Local Demand
    City
    Tarpon Springs
    County
    Pasco
    State
    Florida
    Longitude
    -82.7562
    Latitude
    28.1476

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    FAQs

    What type of property is this?
    Storefront property - Historic building in downtown Tarpon Springs, ideal for various businesses.
    Where is this storefront property located?
    The property is located at 131 HIBISCUS STREET Tarpon Springs, FL.
    What is the asking price?
    The asking price for this property is $615,000.
    What are key features of this property?
    This property features: Prime location in the heart of Tarpon Springs, near Sponge Docks and Spring Bayou, ensuring high visibility.; Restored 1910 commercial space with a historic facade and modern interior.; Recent upgrades include new AC units, ADA‑compliant restrooms, updated 3‑phase electrical service, and a 40‑year roof installed in 2018.
    (727) 853-7801
    We can help!
    Listing Contact
    NICHOLAS VAVOULIS
    NICHOLAS VAVOULIS
    Real Estate License ID: 3039347
    Request Owner's contact information
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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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