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    2551 Tarpon Woods Blvd Palm Harbor, FL 34685-2009
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    Property profile & analytics

    2551 Tarpon Woods Blvd Palm Harbor, FL 34685-2009

    View on Map
    • Banks
    • 2,784 SF
    • 1.16 lot acres
    Off-Market
    Last Sale Oct 23, 2024
    $1,600,000
    Property ID
    US18-4720830
    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.
    Value Estimations
    $1,550,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Bank of America Home Mortgage / Loan Service / Bank

    Property Details for 2551 Tarpon Woods Blvd

    Year built
    1980
    Construction
    CONCRETE BLOCKS
    Lot size
    1.16 lot acres
    Property size
    2,784 SF
    Property type
    Banks
    APN
    33-27-16-00000-410-0100
    APU
    332716000004100100

    Description

    This exceptional 1.16-acre property, located at 2551 Tarpon Woods Blvd in Palm Harbor, Florida (34685), presents a unique investment opportunity. The former Bank of America branch boasts a total of 50,643 square feet, including 2,901 square feet of heated, rentable indoor space. Built in 1980 and renovated in 2007, this single-story building sits on a highly visible corner lot at a signalized intersection on East Lake Road, experiencing a high traffic volume of 60,000 AADT. The property includes ample parking with 26 spaces. Zoned for Residential Planned Development (RPD) with a Future Land Use designation of R/O/G, permitted uses include banks, medical offices, and traditional office spaces, making it ideal for a variety of businesses such as credit unions, urgent care facilities, or medical/dental practices. The property's PIN is 33-27-16-00000-410-0100 and is owned by TW Palm Harbor East Lake Road LLC. This is a remarkable opportunity to acquire a well-located, versatile commercial property in a thriving area. The asking price is $1,800,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,835,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,500,000
      Market price range: $688k - $2.02M
      AI Estimate
      $1,500,000
      Market price range: $688k - $2.02M

    • Alternative Use

      Use
      Estimation
      FINANCIAL BUILDING
      $1,350,000
      Current use
      COMMERCIAL (GENERAL)
      $1,735,000
      Change: +29% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,155,000
      Change: -15% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Palm Harbor
    County
    Pinellas
    State
    Florida
    Longitude
    -82.698
    Latitude
    28.0897
    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
    $17,991
    $0.00
    $0.00
    $900,000
    -
    $558,650
    $341,350
    $900,000

    Comparable in this City

    • Value Estimation
      $1,685,000
      2,970 SF

      1100 Lk Rd

      FINANCIAL BUILDING • 2,970 SF
      1100 Lk Rd, Palm Harbor, FL 34685-2303
      View Details
    • Value Estimation
      $2,025,000
      3,100 SF

      4890 Ridgemoor Blvd

      FINANCIAL BUILDING • 3,100 SF
      4890 Ridgemoor Blvd, Palm Harbor, FL 34685-1742
      View Details
    • Value Estimation
      $2,225,000
      3,938 SF

      36105 Lk Rd

      FINANCIAL BUILDING • 3,938 SF
      36105 Lk Rd, Palm Harbor, FL 34685-3142
      View Details
    • Value Estimation
      $2,095,000
      3,518 SF

      100 Lk Rd

      FINANCIAL BUILDING • 3,518 SF
      100 Lk Rd, Palm Harbor, FL 34685-2416
      View Details
    • Value Estimation
      $1,510,000
      2,421 SF

      3500 Lk Rd

      FINANCIAL BUILDING • 2,421 SF
      3500 Lk Rd, Palm Harbor, FL 34685-2415
      View Details
    • Value Estimation
      $1,665,000
      3,445 SF

      4949 Ridgemoor Blvd

      FINANCIAL BUILDING • 3,445 SF
      4949 Ridgemoor Blvd, Palm Harbor, FL 34685-1745
      View Details

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    Similar Nearby for Lease

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      High-traffic retail space near Publix and East Lake High.
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      Retail Space in Palm Harbor

      Retail spaces available in Palm Harbor, Florida shopping center.
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      Retail Spaces Available in Palm Harbor

      Retail spaces for lease with strong tenant lineup.
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      675 SF

      Retail Space in Palm Harbor

      Grocery-anchored shopping center with outparcel opportunities in Palm Harbor, Florida.
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      Retail Space in Palm Harbor

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      View Details
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    Palm Harbor, FL 34685-2009
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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.

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