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Property profile & analytics
OFF-MARKET
Estimated value
$44,755,000
Apartment buildings
1885 Shr S Dr, South Pasadena, FL 33707-4731
Entity Owned
15-yr Hold
~
Est. High Equity
Property ID
US18-2580847
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1962
Construction
CONCRETE BLOCKS
Total area
239,925 SF
Lot
5.43 ac (236,600 SF)
APN
30-31-16-67662-000-0210
UPID
US18-2580847
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
$44.75M
Blend (final)
Blend
$44.76M
Owner & transaction history
Waters Pointe Apartments LLC · 15 yrs held
Waters Pointe Apartments LLC
since 2010
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Warehouse, storage
$57.9M
+4.9%
Office building
$57.2M
+3.6%
Retail stores
$56.6M
+2.6%
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
APARTMENT HOUSE (5+ UNITS)
$55,190,000
Current use
WAREHOUSE, STORAGE
$57,870,000
Change: +5% · Conversion: Difficult
OFFICE BUILDING
$57,180,000
Change: +4% · Conversion: Moderate
RETAIL STORES
$56,635,000
Change: +3% · Conversion: Difficult
Blend value · Realmo final
$44.76M
Range $40.28M – $49.23M · ±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
$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
$696,676
Tax year 2023
Assessed value
$37,750,000
Assessed 2023
Previous assessed
$36,200,000
+4.3% YoY
Effective rate
1.85%
On assessed value
Land market value
$7,893,291
Improvement market value
$29,856,709
Total market value
$37,750,000
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
1962
Construction
CONCRETE BLOCKS
Heating
YES
Cooling
AC.PACKAGE
Stories
5
Units
198
Bathrooms
310
Total area
239,925 SF
Lot
5.43 ac (236,600 SF)
APN
30-31-16-67662-000-0210
UPID
US18-2580847
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
$55.2M
WAREHOUSE, STORAGE
Est. value
$57.9M
OFFICE BUILDING
Est. value
$57.2M
RETAIL STORES
Est. value
$56.6M
APARTMENT HOUSE (5+ UNITS) Current
WAREHOUSE, STORAGE
OFFICE BUILDING
RETAIL STORES
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
1962
Construction
CONCRETE BLOCKS
Heating
YES
Cooling
Yes
Stories
5
Units
198
Bathrooms
310
Lot
5.43 ac
Current owner
From public records · entity-resolved
Waters Pointe Apartments LLC
Entity
Mailing address
300 1ST AVE STE #202, NEEDHAM HEIGHTS, MA 02494-2738
Ownership since
2010
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 24, 2022
—
Waters Pointe Apartments LLC
—
Deed
related
$7,705,000 · Berkadia Commercial Mortgage LLC
Dec 5, 2018
—
Waters Pointe Apartments LLC
—
Deed
related
$29,145,000 · Berkaida Com'l Mtg LLC
Dec 30, 2010
$21,000,000
Waters Pointe Apartments LLC
Landmark Of Water Point Ptrs LLC
Grant Deed
$15,750,000 · Ladder Cap Fin
Jun 7, 2005
$29,000,000
Pasadena Inv Mgmt Ptrs LLC
Pasadena Apartments Ptshp LLP
Grant Deed
$38,711,000 · Fremont Investment & Loan
—
—
Waters Pointe Apartments LLC
—
Loan Modification
related
$29,145,000 · Berkaida Com'l Mtg LLC
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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