Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$39,240,000
Apartment buildings
1185 Pinellas Ave Tarpon Springs, FL 34689-3701
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US18-8135735
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
2020
Construction
FRAME
Total area
209,429 SF
Lot
6.56 ac (285,553 SF)
APN
13-27-15-57285-000-0030
UPID
US18-8135735
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
-
Dejon Xavier Company Consultant
-
Icaria on Pinellas Apartment Complex
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$39.24M
CAP Approach
CAP
$29.64M
Comparable Approach
Comparable
$45.35M
Blend (final)
Blend
$39.24M
Owner & transaction history
Icaria 236 LLC · 2 yrs held
Icaria 236 LLC
since 2024
Last sale
$39.2M
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$58.1M
+55.1%
Office building
$48.6M
+29.8%
Warehouse, storage
$46.1M
+22.9%
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 Tarpon Springs submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tarpon Springs 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
$39,240,000
ML approach
$39,240,000
CAP Approach
CAP Return
Estimation
6%
$32,100,000
6.5%
$29,635,000
7%
$27,515,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$37,480,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$58,135,000
Change: +55% · Conversion: Difficult
OFFICE BUILDING
$48,645,000
Change: +30% · Conversion: Moderate
WAREHOUSE, STORAGE
$46,060,000
Change: +23% · Conversion: Difficult
RETAIL STORES
$42,825,000
Change: +14% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$36,625,000
Change: -2% · Conversion: Difficult
Blend value · Realmo final
$39.24M
Range $35.32M – $43.16M · ±10% · vs last sale $39.24M (Jan 3 2024)
Last sale anchor
$39.24M
Jan 3 2024
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
$187 / 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
$1,069,388
Tax year 2023
Assessed value
$57,000,000
Assessed 2023
Previous assessed
$55,800,000
+2.2% YoY
Effective rate
1.88%
On assessed value
Land market value
$3,139,869
Improvement market value
$53,860,131
Total market value
$57,000,000
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
2020
Construction
FRAME
Heating
YES
Cooling
AC.PACKAGE
Stories
4
Units
236
Bathrooms
403
Total area
209,429 SF
Lot
6.56 ac (285,553 SF)
APN
13-27-15-57285-000-0030
UPID
US18-8135735
Jurisdiction
PINELLAS
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$37.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$58.1M
OFFICE BUILDING
Est. value
$48.6M
WAREHOUSE, STORAGE
Est. value
$46.1M
RETAIL STORES
Est. value
$42.8M
INDUSTRIAL (GENERAL)
Est. value
$36.6M
APARTMENT HOUSE (5+ UNITS) Current
NEIGHBORHOOD: SHOPPING CENTER
OFFICE BUILDING
WAREHOUSE, STORAGE
RETAIL STORES
INDUSTRIAL (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
2020
Construction
FRAME
Heating
YES
Cooling
Yes
Stories
4
Units
236
Bathrooms
403
Lot
6.56 ac
Current owner
From public records · entity-resolved
Icaria 236 LLC
Entity
Mailing address
18909 NE 29TH AVE, AVENTURA, FL 33180-2807
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 3, 2024
—
Icaria 236 LLC
Frmf Pinellas LLC
Agreement Of Sale
—
Jan 3, 2024
$39,240,000
Icaria 236 LLC
Frmf Pinellas LLC
Special Warranty Deed
—
Oct 15, 2021
$65,650,000
Frme Pinellas LLC
Meres Crossing LLC
Special Warranty Deed
$37,000 · Regions Bank
Oct 23, 2018
—
Meres Crossing LLC
—
Grant Deed
related
$29,038,600 · Housing & Cmnty Dev Dept
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 1185 Pinellas Ave?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
