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Property profile & analytics
OFF-MARKET
Estimated value
$650,000
Bars & Pubs
508 Athens St, Tarpon Springs, FL 34689-3106
Individually Owned
41-yr Hold
Absentee Owner
Free & Clear
Property ID
US18-7971945
Property summary
AI-generated overview
Prime commercial space available for lease in the heart of Tarpon Springs' Historic Sponge Docks. This single-story, 4,703-square-foot building, renovated in 2022, offers a versatile layout ideal for various uses, including restaurants, retail, or entertainment venues. The property features a spacious open area, a former kitchen with a 10' hood and fan, and existing electrical plans for additional appliances. Three bathrooms, an office, and a storage room provide ample support space. The building is zoned T5c and allows for mixed-use, including restaurants and alcoholic beverage establishments (both on and off-premise). Conditional uses include office space, marine-related commercial ventures, and more. This location, previously home to Zorba's nightclub, presents a unique chance to establish a thriving business in a vibrant, historic setting. The property includes no on-site parking. This is a Class C building with one building on one story.
Property profile
Verified
Property type
Bars & Pubs
Use group
NIGHTCLUB (COCKTAIL LOUNGE)
Year built
1932
Construction
CONCRETE BLOCKS
Total area
4,703 SF
Lot
0.08 ac (3,372 SF)
APN
12-27-15-41184-000-0120
UPID
US18-7971945
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
$652k
Blend (final)
Blend
$650k
Owner & transaction history
Michael J Sakellarides · 41 yrs held
Michael J Sakellarides
since 1985
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 Tarpon Springs submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tarpon Springs 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
Blend value · Realmo final
$650k
Range $585k – $715k · ±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
$138 / 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
$6,446
Tax year 2023
Assessed value
$343,600
Assessed 2023
Previous assessed
$325,700
+5.5% YoY
Effective rate
1.88%
On assessed value
Land market value
$218,874
Improvement market value
$124,726
Total market value
$343,600
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
Bars & Pubs
Use group
NIGHTCLUB (COCKTAIL LOUNGE)
Status
Off-Market
Year built
1932
Construction
CONCRETE BLOCKS
Heating
YES
Cooling
AC.PACKAGE
Stories
1
Bathrooms
2
Total area
4,703 SF
Lot
0.08 ac (3,372 SF)
APN
12-27-15-41184-000-0120
UPID
US18-7971945
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
Building & site characteristics
From public records
Year built
1932
Construction
CONCRETE BLOCKS
Heating
YES
Cooling
Yes
Stories
1
Bathrooms
2
Lot
0.08 ac
Current owner
From public records · entity-resolved
Michael J Sakellarides
Individual
Free & Clear · 41 yrs held
Mailing address
4617 US HWY 19, NEW PORT RICHEY, FL 34652-4943
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
1985
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
Feb 1, 1985
$55,000
Michael J Sakellarides
—
Grant Deed
related
—
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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