Waterfront Retail And Restaurant In Tarpon Springs At Sponge Docks Income Producing & Owner User Opp

Highlights:

• 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.
• Four in-place revenue streams: including retail, paid parking, waterfront restaurant lease, and boat charter lease, providing diversified, immediate cash flow.
• Rare opportunity to capitalize on the sites, redevelopment potential in a supply, constrained submarket, with potential CRA grants.
• Built-in operator upside with owner-operated retail and parking components that allow hands-on investors to materially increase NOI.
• Stable passive income from long-term restaurant and boat charter leases tied to waterfront tourism activity.
• Significant yield growth potential: current in-place income represents a stabilized growth opportunity of over 125% through conversion of the primary retail footprint.
• 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.
• Redevelopment Incentives: Located within a CRA, providing access to facade, restaurant conversion and code compliance upgrades.
• True destination asset serving over one million annual visitors, benefiting from consistent year-round tourism demand.
• Irreplaceable waterfront real estate in a fully built-out historic district with severe barriers to entry and no comparable inventory.
• Strong regional growth tailwinds within the Tampa Bay metro, one of Florida’s fastest-growing tourism and relocation markets.
• Scarcity, income, and lifestyle appeal in a rare legacy waterfront tourism investment.

Description:

This offering presents a rare opportunity to acquire a waterfront income-producing property located in the heart of the Historic Sponge Docks of Tarpon Springs, one of Florida’s most unique and established tourist destinations. Positioned directly along the Anclote River, the property benefits from exceptional visibility, steady year-round foot traffic, and multiple existing revenue streams tied directly to tourism and waterfront activity. This waterfront property also presents an exceptional redevelopment opportunity.

In-Place Income & Operational Upside:
The property currently supports four distinct revenue streams, offering both immediate income and operational flexibility for a new owner:

Greek Island Imports Souvenir Shop (Owner-Operator or Lease Income)
• Established retail operation located within the Sponge Docks core
• Can be owner-operated for increased cash flow or leased to a third-party operator

Income Producing Fee Parking Lot (Owner-Operator or Lease Income)
• Strategically positioned to capture daily visitor demand
• Generates recurring income/cash income from consistent tourist traffic
• Opportunity for hands-on management or third-party operation

The Limani Restaurant (Lease in Place)
• Waterfront restaurant lease providing stable rental income
• Capitalizes on strong dining demand within the district

Boat Charter Lease (Lease in Place)
• Existing lease with a charter operator
• Benefits from ongoing demand for waterfront excursions and marine tourism

This combination of operated businesses and leased income provides diversified cash flow while allowing a buyer to either step into operations or maintain a more passive investment structure.

Iconic Sponge Docks Location:
The Historic Sponge Docks are internationally recognized as the “Sponge Capital of the World” and serve as Tarpon Springs" primary economic and cultural driver. The district blends authentic Greek heritage, maritime history, and active waterfront uses, creating a destination experience that cannot be replicated elsewhere in Florida. Nestled along the picturesque Anclote River waterfront, the Sponge Docks of Tarpon Springs stand as one of Florida’s most iconic and enduring tourist destinations and draws visitors with its authentic waterfront experiences that are impossible to replicate.

Key area attractions in Tarpon Springs include:
• Working sponge docks and historic sponge boats
• Greek restaurants, bakeries, and specialty retail
• Dolphin cruises, sightseeing tours, and charter boats
• Cultural museums, aquariums, and waterfront promenades
• Annual festivals and events celebrating Greek culture and maritime history

The Historic Sponge Docks attract over one million visitors annually, making tourism the city’s largest economic engine. Visitors travel from across Florida, the Southeast, and internationally, supporting consistent demand for retail, dining, parking, and water-based experiences. This sustained tourism traffic creates a highly durable environment for cash-flow businesses tied directly to the location.

Tampa Bay Market Overview:
Located within the greater Tampa Bay region, the property benefits from one of the fastest-growing metro areas in the country. Tampa Bay consistently ranks among Florida’s top tourism and relocation markets, supported by professional sports, beaches, major attractions, cruise ports, and expanding business investment.

Just a short drive south, Tampa Bay — including the cities of Tampa, St. Petersburg, Clearwater, and surrounding coastal communities — represents one of Florida’s fastest-growing and most dynamic markets for tourism, relocation, and investment.

Tourism Strength & Economic Growth
• Record Tourism Revenue: Tampa Bay’s hospitality sector recently generated over $1.2 billion in taxable hotel revenue for the fiscal year, marking its third consecutive year exceeding the billion-dollar threshold — a clear indicator of sustained visitor demand and robust tourism performance.
• Regional Visitors: Hillsborough County and the broader Tampa Bay area welcome tens of millions of visitors annually, contributing significantly to local business revenues, service industries, and tax bases.
• Major Attractions & Events: The region boasts a full suite of world-class draws, from theme parks like Busch Gardens Tampa Bay to cultural hubs, waterfront developments, professional sports, the annual Gasparilla Pirate Festival (drawing roughly 300,000 spectators), and an expanding convention calendar that fuels year-round visitation.

Florida’s no state personal income tax continues to attract new residents, entrepreneurs, and companies, fueling population growth, consumer spending, and demand for experiential destinations like the Historic Sponge Docks.

This opportunity is uniquely positioned to capitalize on both local destination tourism at the Historic Sponge Docks and broader regional growth across Tampa Bay. With existing leased income, diversified business lines, and one of Florida’s most storied waterfront tourism districts, this offering appeals to operators and investors seeking immediate cash flow as well as strategic expansion within a thriving travel and lifestyle economy.

DUE DILIGENCE DOCS MAY BE PROVIDED UPON SIGNING OF C.A.

Property is located directly on Dodecanese Boulevard in Tarpon Springs at the Historic Sponge Docks alongside the picturesque Anclote River.

Located within the greater Tampa Bay region, the property benefits from one of the fastest-growing metro areas in the country. Tampa Bay consistently ranks among Florida’s top tourism and relocation markets, supported by professional sports, beaches, major attractions, cruise ports, and expanding business investment.

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