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    508 Athens St Tarpon Springs, FL 34689
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    Property profile & analytics

    508 Athens St Tarpon Springs, FL 34689

    View on Map
    • Bars & Pubs
    • 4,703 SF
    • 0.08 lot acres
    For Lease
    $650,000
    View Listing →
    Historic Tarpon Springs Shell Space For Lease
    $650,000
    4,700 SF

    Historic Tarpon Springs Shell Space

    4,700 SF shell space in Tarpon Springs' Sponge Docks.

    508 Athens St, Tarpon Springs, FL 34689
    View Listing
    Property ID
    US18-7971945
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Bars & Pubs

    Property Details for 508 Athens St

    Year built
    1932
    Construction
    CONCRETE BLOCKS
    Lot size
    0.08 lot acres
    Property size
    4,703 SF
    Property type
    Bars & Pubs
    APN
    12-27-15-41184-000-0120
    APU
    122715411840000120

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $651,000
      Market price range: $610k - $2.20M
      AI Estimate
      $651,000
      Market price range: $610k - $2.20M

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

    Location Insight

    • Map
    • Local Demand
    City
    Tarpon Springs
    County
    Pinellas
    State
    Florida
    Longitude
    -82.7601
    Latitude
    28.1543
    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
    $6,446
    $0.00
    $0.00
    $343,600
    -
    $218,874
    $124,726
    $343,600

    Comparable in this City

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      312 Tarpon Ave

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    • Value Estimation by Request
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      1056 Pinellas Ave

      NIGHTCLUB (COCKTAIL LOUNGE) • 1,920 SF
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    • Value Estimation
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      2,340 SF

      605 Pinellas Ave

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    • Value Estimation
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      6,332 SF

      121 Tarpon Ave

      NIGHTCLUB (COCKTAIL LOUNGE) • 6,332 SF
      121 Tarpon Ave, Tarpon Springs, FL 34689-3451
      View Details
    • Value Estimation by Request
      1,368 SF

      313 Safford Ave

      NIGHTCLUB (COCKTAIL LOUNGE) • 1,368 SF
      313 Safford Ave, Tarpon Springs, FL 34689
      View Details

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    Similar Nearby for Lease

    • Contact for pricing

      Historic Tarpon Springs Shell Space

      4,700 SF shell space in Tarpon Springs' Sponge Docks.
      508 Athens St, Tarpon Springs, FL 34689
      View Details
    • Contact for pricing

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      Renovated Retail Plaza For Rent

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    View Listing
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    Tarpon Springs, FL 34689
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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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