INCOME PRODUCING WATERFRONT RETAIL AND RESTAURANT IN TARPON SPRINGS HISTORIC SPONGE DOCKS

Highlights

• Built-in operator upside with owner-operated retail and parking components that allow hands-on investors to materially increase NOI.
• Critical parking advantage: includes a rare 25 space private lot, serving as a high value scarcity asset for any future tenant or retail operation, either as a paid parking operation, or a private parking advantage.
• Four in-place revenue streams: including retail, paid parking, waterfront restaurant lease, and boat charter lease, providing diversified, immediate cash flow.
• Irreplaceable waterfront real estate in a fully built-out historic district with severe barriers to entry and no comparable inventory.
• Prime waterfront location directly on the Anclote River in the heart of Tarpon Springs Historic Sponge Docks, one of Florida’s most visited and recognizable tourist districts.
• Rare opportunity to capitalize on the sites, redevelopment potential in a supply, constrained submarket, with potential CRA grants.
• Redevelopment Incentives: Located within a CRA, providing access to facade, restaurant conversion and code compliance upgrades.
• Scarcity, income, and lifestyle appeal in a rare legacy waterfront tourism investment.
• Significant yield growth potential: current in-place income represents a stabilized growth opportunity of over 125% through conversion of the primary retail footprint.
• Stable passive income from long-term restaurant and boat charter leases tied to waterfront tourism activity.
• Strong regional growth tailwinds within the Tampa Bay metro, one of Florida’s fastest-growing tourism and relocation markets.
• True destination asset serving over one million annual visitors, benefiting from consistent year-round tourism demand.

Location

Located at 776 Dodecanese Boulevard, Tarpon Springs, FL 34689, this property is part of the Tarpon Springs Historic District neighborhood and Tampa St Petersburg Clearwater market.