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Property profile & analytics
OFF-MARKET
Estimated value
$7,620,000
Office buildings
1615 Pasadena S Ave, South Pasadena, FL 33707-4516
Entity Owned
12-yr Hold
Free & Clear
Property ID
US18-4668773
Property summary
AI-generated overview
This exceptional 1,211 square foot medical office suite presents a turnkey opportunity for a small practice seeking a well-appointed space. Located in a Class B, four-story building constructed in 1994, this corner unit offers convenient access to the building's 200-space parking garage. The suite boasts a highly functional layout, including four exam rooms, each equipped with sinks, a private restroom, a comfortable waiting area, and a dedicated practitioner's office. The office-intensive design maximizes efficiency and workflow. Situated in Pinellas County, this property is part of a larger 45,548 square foot building on a half-acre lot, featuring elevators for easy access. This is a single-tenant space, currently available as a sublease expiring September 30, 2026, presenting a below-market opportunity for the right tenant. The building's convenient location and ample parking make it an attractive option for both patients and staff. Don't miss this chance to establish or expand your medical practice in a prime location.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1994
Construction
CONCRETE
Total area
46,000 SF
Lot
0.5 ac (21,797 SF)
APN
30-31-16-00000-320-0210
UPID
US18-4668773
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$7.62M
Blend (final)
Blend
$7.62M
Owner & transaction history
West Florida-pph LLC · 12 yrs held
West Florida-pph LLC
since 2013
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 South Pasadena submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs South Pasadena 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$10,965,000
Current use
APARTMENT HOUSE (5+ UNITS)
$10,580,000
Change: -3% · Conversion: Easy
RETAIL STORES
$10,150,000
Change: -7% · Conversion: Moderate
WAREHOUSE, STORAGE
$10,115,000
Change: -8% · Conversion: Difficult
Blend value · Realmo final
$7.62M
Range $6.86M – $8.38M · ±10%
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
$166 / 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
$95,043
Tax year 2023
Assessed value
$5,150,000
Assessed 2023
Previous assessed
$4,800,000
+7.3% YoY
Effective rate
1.85%
On assessed value
Land market value
$445,914
Improvement market value
$4,704,086
Total market value
$5,150,000
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
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
Off-Market
Year built
1994
Construction
CONCRETE
Heating
YES
Cooling
AC.PACKAGE
Stories
4
Bathrooms
7
Total area
46,000 SF
Lot
0.5 ac (21,797 SF)
APN
30-31-16-00000-320-0210
UPID
US18-4668773
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
OFFICE BUILDING Current
Est. value
$11.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$10.6M
RETAIL STORES
Est. value
$10.2M
WAREHOUSE, STORAGE
Est. value
$10.1M
OFFICE BUILDING Current
APARTMENT HOUSE (5+ UNITS)
RETAIL STORES
WAREHOUSE, STORAGE
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
1994
Construction
CONCRETE
Heating
YES
Cooling
Yes
Stories
4
Bathrooms
7
Lot
0.5 ac
Current owner
From public records · entity-resolved
West Florida-pph LLC
Entity
Free & Clear · 12 yrs held
Mailing address
3316 LAS CAMPOS PL, TAMPA, FL 33611-2967
Ownership since
2013
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 8, 2013
$14,820,000
West Florida-pph LLC
Palms Of Pasadena Hospital LP
Grant Deed
—
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.
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