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Property profile & analytics
OFF-MARKET
Estimated value
$10,125,000
Apartment buildings
2159 Nursery Rd Clearwater, FL 33764-2620
Entity Owned
15-yr Hold
~
Est. High Equity
Property ID
US18-8847551
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1973
Construction
CONCRETE BLOCKS
Total area
45,444 SF
Lot
4.84 ac (210,931 SF)
APN
24-29-15-00000-440-0400
UPID
US18-8847551
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
-
Bellair Apartments Apartment Building
-
bellear gardens Apartment Complex
-
Oliveira & Santos Services LLC Hardware & Home Improvement
-
Promenade at Belleair Apartments Apartment Complex Apartment Building
-
Rain Or Shine Hardware & Home Improvement
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$10.13M
Blend (final)
Blend
$10.13M
Owner & transaction history
Pensam Belleair Gardens LLC · 15 yrs held
Pensam Belleair Gardens LLC
since 2010
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$9.4M
+21.9%
Warehouse, storage
$9.3M
+19.4%
Office building
$8.5M
+10.1%
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 Clearwater submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Clearwater 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)
$7,750,000
Current use
RETAIL STORES
$9,445,000
Change: +22% · Conversion: Difficult
WAREHOUSE, STORAGE
$9,255,000
Change: +19% · Conversion: Difficult
OFFICE BUILDING
$8,530,000
Change: +10% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$8,000,000
Change: +3% · Conversion: Difficult
Blend value · Realmo final
$10.13M
Range $9.11M – $11.14M · ±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
$223 / 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
$271,637
Tax year 2023
Assessed value
$15,250,000
Assessed 2023
Previous assessed
$14,900,000
+2.3% YoY
Effective rate
1.78%
On assessed value
Land market value
$1,947,490
Improvement market value
$13,302,510
Total market value
$15,250,000
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
1973
Construction
CONCRETE BLOCKS
Heating
YES
Cooling
AC.PACKAGE
Buildings
3
Stories
3
Units
64
Bathrooms
186
Total area
45,444 SF
Lot
4.84 ac (210,931 SF)
APN
24-29-15-00000-440-0400
UPID
US18-8847551
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
$7.8M
RETAIL STORES
Est. value
$9.4M
WAREHOUSE, STORAGE
Est. value
$9.3M
OFFICE BUILDING
Est. value
$8.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$8.0M
APARTMENT HOUSE (5+ UNITS) Current
RETAIL STORES
WAREHOUSE, STORAGE
OFFICE BUILDING
NEIGHBORHOOD: SHOPPING CENTER
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
1973
Construction
CONCRETE BLOCKS
Heating
YES
Cooling
Yes
Stories
3
Buildings
3
Units
64
Bathrooms
186
Lot
4.84 ac
Current owner
From public records · entity-resolved
Pensam Belleair Gardens LLC
Entity
Mailing address
PO BOX 250509, ATLANTA, GA 30325-1509
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
12 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 4, 2019
—
Pensam Belleair Gardens LLC
—
Deed
related
$3,312,200 · Berkadia Com'l Mtg
Sep 23, 2016
—
Pensam Belleair Gardens LLC
—
Deed
related
$2,000,000 · Berkadia Com'l Mtg
Dec 15, 2010
$2,500,000
Pensam Belleair Gardens LLC
Marcus I INC
Grant Deed
—
May 26, 2010
—
Marcus I INC
Belleair Conversion Coc
Trustees Deed
related
—
May 30, 2007
—
Belleair Conversion Developers
Mountroyal Realty Group III In
Grant Deed
$6,950,000 · Astoria Federal Mortgage Corp
Nov 1, 2005
$8,723,400
Mountroyal Realty Group III In
Alli,jack
Warranty Deed
$6,950,000 · Astoria Federal Mortgage Corp
Mar 22, 2004
$5,934,500
Jack Alli
Baltz,tr
Grant Deed
$4,462,500 · First National Bank Florida
Jun 15, 1998
$3,500,000
Gp Tampa INC
Gainesville Property Associate
Grant Deed
$3,357,500 · Wmf/huntoon Paige Associates
—
—
Mountroyal Realty Group III In
—
Deed Of Trust
related
$1,400,000 · Belleair Lenders LLC
—
—
Pensam Belleair Gardens LLC
—
Loan Modification
related
$3,312,200 · Berkadia Com'l Mtg
—
—
Joaquin M Bello
—
Deed Of Trust
related
$1,400,000 · Belleair Lenders LLC
—
—
Pensam Belleair Gardens LLC
—
Deed Of Trust
related
$2,000,000 · Berkadia Com'l Mtg
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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