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Retail/Office at Sponge Docks 531 Athens St 3,006 SF Retail Building Tarpon Springs, FL 34689 $1,300,000 ($432.47/SF) 5.73% Cap Rate
EXECUTIVE SUMMARY
Prime Retail + Income Opportunity! 531 Athens Street offers ±3,000 SF in vibrant Tarpon Springs, featuring a stable ground-floor retail tenant and a flexible upstairs space ideal for office use or short-term rental (Airbnb) conversion. Located steps from the Sponge Docks with strong visibility and foot traffic, this mixed-use property is perfect for investors or owner-users. Zoned for commercial use and listed at $1.3M, it provides immediate income with value-add upside in a high-demand market. Downstairs has a new tenant locked in a new lease with 3% rent bumps for the next 3 years.
DATA ROOM Click Here to Access
- Offering Memorandum
FINANCIAL SUMMARY (PRO FORMA - 2026) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$89,000
|
$29.61
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$89,000
|
$29.61
|
| Taxes |
$9,935
|
$3.31
|
| Operating Expenses |
$4,614
|
$1.53
|
| Total Expenses |
$14,549
|
$4.84
|
| Net Operating Income |
$74,451
|
$24.77
|
FINANCIAL SUMMARY (PRO FORMA - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $89,000 |
| Annual Per SF | $29.61 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $89,000 |
| Annual Per SF | $29.61 |
| Taxes | |
|---|---|
| Annual | $9,935 |
| Annual Per SF | $3.31 |
| Operating Expenses | |
|---|---|
| Annual | $4,614 |
| Annual Per SF | $1.53 |
| Total Expenses | |
|---|---|
| Annual | $14,549 |
| Annual Per SF | $4.84 |
| Net Operating Income | |
|---|---|
| Annual | $74,451 |
| Annual Per SF | $24.77 |
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
3,006 SF
Building Class
C
Year Built
1911
Price
$1,300,000
Price Per SF
$432.47
Cap Rate
5.73%
NOI
$74,490
Tenancy
Single
Building Height
2 Stories
Building FAR
0.41
Lot Size
0.17 AC
Frontage
42’ on Athens St.
AMENITIES
- Corner Lot
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $1,112,000 (2025) | |
| Land Assessment | $636,862 (2025) | Annual Taxes | $9,935 ($3.31/SF) |
| Improvements Assessment | $475,138 (2025) | Tax Year | 2026 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$636,862 (2025)
Improvements Assessment
$475,138 (2025)
Total Assessment
$1,112,000 (2025)
Annual Taxes
$9,935 ($3.31/SF)
Tax Year
2026
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Retail/Office at Sponge Docks | 531 Athens St
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