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    500 E Tarpon Ave Tarpon Springs, FL 34689

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    For Sale
    Contract
    $525,000

    Highly visible office building with flexible units and recent upgrades.

    Property size:
    2,240 SF
    Lot size:
    0.16 Acres

    Property Features for 500 E Tarpon Ave

    General Information

    Standard status
    Contract
    Size
    2,240 SF
    Lot size
    0.16 Acres

    Building Details

    Year built
    1957

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    Listing Contact
    Jeffrey Borham, Pa
    Source: Corcoran

    Listing Agency: EXP REALTY LLC Listing Agent: Jeffrey Borham, Pa

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Tarpon Springs Corner Office Building

    This 2,240 sq ft office building is located on the corner of Tarpon Avenue and Levis Avenue in Tarpon Springs, situated between US-19 and Alt-19. Currently operating as a law office, the building is divided into three units, suitable for either owner-users or investors. The property includes 11 dedicated parking spaces, with additional overflow parking available through an adjacent property during the week. Recent updates include a new roof in 2024 and exterior paint in 2024. The front unit features a reception area, a large private office, a conference room, a utility area, a kitchen, and a half bath, with a new A/C to be installed in 2025. The second unit, updated in 2023 with new flooring and interior paint, includes a private office, an open office or living room space, a kitchenette, and a half bath, with an A/C replaced in 2022. The third unit features new flooring from 2023, a new A/C in 2024, a full bath, and a kitchenette. The property's corner location and recent improvements enhance its appeal within a high-demand area of Tarpon Springs.
    Location Intelligence

    Current Use by Public Records

    Richard A. Venditti, P.A. Law Firm

    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.

    Location Insight

    • Map
    • Local Demand
    City
    Tarpon Springs
    County
    Pasco
    State
    Florida
    Longitude
    -82.7503711
    Latitude
    28.1459703

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    FAQs

    What type of property is this?
    Office building - Highly visible office building with flexible units and recent upgrades.
    Where is this office building located?
    The property is located at 500 E Tarpon Ave Tarpon Springs, FL.
    What is the asking price?
    The asking price for this property is $525,000.
    What are key features of this property?
    This property features: - Prime corner location on Tarpon Avenue with high visibility between US-19 and Alt-19.; - 2,240 sq ft building divided into three units, suitable for owner-users or investors.; - Recent updates including a new roof (2024) and exterior paint (2024).
    (866) 308-7109
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    500 E Tarpon Ave Tarpon Springs, FL 34689
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    Tarpon Springs, FL 34689
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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.

    More about this property
    500 E Tarpon Ave Tarpon Springs, FL 34689
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    We can help!
    Listing Contact
    Jeffrey Borham, Pa
    Real Estate License ID: 3115528
    (866) 308-7109
    Learn more
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