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    Property profile & analytics

    1609 Pasadena S Ave South Pasadena, FL 33707-4565

    • Office buildings
    • 47,313 SF
    • 4.14 lot acres
    OFF-MARKET
    Last Sale
    May 01, 2025
    $6,000,000
    Value Estimations
    $6,920,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5622863
    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

    • Office buildings

    Property Details for 1609 Pasadena S Ave

    Year built
    1966
    Construction
    CONCRETE BLOCKS
    Lot size
    4.14 lot acres
    Property size
    47,313 SF
    Property type
    Office buildings
    APN
    30-31-16-00000-320-0200
    APU
    303116000003200200

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,837,000
      Market price range: $7.84M - $13.8M
      AI Estimate
      $7,837,000
      Market price range: $7.84M - $13.8M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $11,275,000
      Current use
      WAREHOUSE, STORAGE
      $11,410,000
      Change: +1% Conversion: Difficult
      RETAIL STORES
      $11,170,000
      Change: -1% Conversion: Moderate
      APARTMENT HOUSE (5+ UNITS)
      $10,885,000
      Change: -3% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    South Pasadena
    County
    Pinellas
    State
    Florida
    Longitude
    -82.7408
    Latitude
    27.7522
    CBSA code
    45300
    CBSA name
    TAMPA-ST. PETERSBURG-CLEARWATER, 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
    $99,657
    $0.00
    $0.00
    $5,400,000
    -
    $3,171,941
    $2,228,059
    $5,400,000

    Comparable in this City

    • Value Estimation
      $1,080,000
      4,988 SF

      5353 1st S Ave

      PROFESSIONAL BUILDING • 4,988 SF
      5353 1st S Ave, Saint Petersburg, FL 33707-6101
      View Details
    • Value Estimation by Request
      2,806 SF

      7316 Central Ave

      OFFICE BUILDING • 2,806 SF
      7316 Central Ave, Saint Petersburg, FL 33707-1119
      View Details
    • Value Estimation
      $870,000
      5,248 SF

      5510 Gulfport S Blvd

      OFFICE BUILDING • 5,248 SF
      5510 Gulfport S Blvd, Gulfport, FL 33707-4827
      View Details
    • Value Estimation
      $695,000
      4,208 SF

      5022 Gulfport S Blvd

      OFFICE BUILDING • 4,208 SF
      5022 Gulfport S Blvd, Gulfport, FL 33707-4942
      View Details
    • Value Estimation
      $775,000
      4,000 SF

      6416 Central Ave

      OFFICE BUILDING • 4,000 SF
      6416 Central Ave, Saint Petersburg, FL 33707-1329
      View Details
    • Value Estimation
      $505,000
      2,266 SF

      5622 Central Ave

      OFFICE BUILDING • 2,266 SF
      5622 Central Ave, Saint Petersburg, FL 33707-1718
      View Details

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      Renovated Mixed-Use Building Near Beach

      Spacious, renovated mixed-use building in Tampa Bay area.
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      4,622 SF

      Freestanding Office Building on Central

      Professional office building in St. Petersburg with flexible tenant configurations.
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      1,280 SF

      Central Avenue Office Building For Sale

      Charming office building in central St. Petersburg with ample parking.
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    • $959,000
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      Well-Maintained Office Building For Sale

      Three-unit office building near Publix, suitable for investment or owner-occupancy.
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      Updated office space with a new 36-month lease.
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    Similar Nearby for Lease

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      $3,100 /Mo
      1,600 SF

      Prime Office Space in St. Pete

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    • $39,000

      St. Pete Freestanding Office Building

      Freestanding office building with high visibility and ample parking.
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    • $28 SF/Yr
      6,700 SF

      Pasadena Ave Office Suites

      South Pasadena, FL: Prime Office Space
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    • $18 SF/Yr
      6,328 SF

      Hudson's Plaza: St. Pete Medical Office

      St. Petersburg medical office building, multiple suites available.
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    • Contact for pricing
      3,200 SF

      Available Office Space on 66th

      Office space with excellent visibility, near St. Petersburg Hospital.
      3301 66Th Street Ct North, Saint Petersburg, FL 33707
      View Details
    • Contact for pricing
      4,855 SF

      Office Space with Signage Available

      Office space for rent with building signage and ample parking.
      5858 Central Ave, St Petersburg, FL 33707
      View Details
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    South Pasadena, FL 33707-4565
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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
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