Exhibit 21.1

Subsidiaries of the Registrant: Alpine Income Property Trust,
Inc.

|                               |  | Organized Under Laws of |  |  | Percentage of Voting Securities Owned by Immediate Parent |    
|------------------------------ |  | ----------------------- |  |  | --------------------------------------------------------- | ---
|Alpine Income Property GP, LLC |  | Delaware                |  |  | 100.0                                                     | (1)
|Alpine Income Property OP, LP  |  | Delaware                |  |  | (2)                                                       |    
|Bluebird Metrowest Orlando LLC |  | Delaware                |  |  | 100.0                                                     | (3)
|CTLC18 Lynn MA LLC             |  | Delaware                |  |  | 100.0                                                     | (3)
|CTO16 Charlottesville LLC      |  | Delaware                |  |  | 100.0                                                     | (3)
|CTO16 Huntersville LLC         |  | Delaware                |  |  | 100.0                                                     | (3)
|CTO16 Raleigh LLC              |  | Delaware                |  |  | 100.0                                                     | (3)
|CTO16 Reno LLC                 |  | Delaware                |  |  | 100.0                                                     | (3)
|CTO17 Brandon FL LLC           |  | Delaware                |  |  | 100.0                                                     | (3)
|CTO17 Hillsboro OR LLC         |  | Delaware                |  |  | 100.0                                                     | (3)
|CTO17 Saugus MA LLC            |  | Delaware                |  |  | 100.0                                                     | (3)
|CTO19 Albany GA LLC            |  | Delaware                |  |  | 100.0                                                     | (3)
|CTO19 Birmingham LLC           |  | Delaware                |  |  | 100.0                                                     | (3)
|CTO19 Troy WI LLC              |  | Delaware                |  |  | 100.0                                                     | (3)
|CTO19 Winston Salem NC LLC     |  | Delaware                |  |  | 100.0                                                     | (3)
|Indigo Henry LLC               |  | Florida                 |  |  | 100.0                                                     | (3)
|LHC15 Glendale AZ LLC          |  | Delaware                |  |  | 100.0                                                     | (3)
|PINE19 Alpharetta GA LLC       |  | Delaware                |  |  | 100.0                                                     | (3)
|PINE19 Asheville LLC           |  | Delaware                |  |  | 100.0                                                     | (3)
|PINE19 Georgetown TX LLC       |  | Delaware                |  |  | 100.0                                                     | (3)
|PINE19 Glendale AZ LLC         |  | Delaware                |  |  | 100.0                                                     | (3)
|PINE19 Jacksonville FL LLC     |  | Delaware                |  |  | 100.0                                                     | (3)
|PINE19 Slaughter Austin TX LLC |  | Delaware                |  |  | 100.0                                                     | (3)
|PINE20 Hurst TX LLC            |  | Delaware                |  |  | 100.0                                                     | (3)








| | (1) | Alpine Income Property Trust, Inc. (the “Company”) is the sole member of Alpine Income
Property GP, LLC (the “General Partner”).
| | --- | --------------------------------------------------------------------------------------------------------------------------------



| | (2) | The General Partner is the sole general partner of Alpine Income Property OP, LP (the “Operating
Partnership”). The Company owns an approximate 86.6% ownership interest in the Operating Partnership, with Consolidated-Tomoka
Land Co. holding, directly and indirectly, an approximate 13.4% ownership interest in the Operating Partnership.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (3) | The Operating Partnership is the sole member.
| | --- | ---------------------------------------------



All subsidiaries are included in the Consolidated and Combined
Financial Statements of the Company and its subsidiaries appearing elsewhere in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2019.