3205 W San Pedro St

Located in prime Palma Ceia, San Pedro Flats features four apartment units each with a one-bedroom / one-bathroom floorplan. Currently 100% occupied, the two-story building has historically attracted significant tenant demand due to its location and high-quality unit interiors. Each lease has a one-year duration and includes utility reimbursements. Rare for the neighborhood, San Pedro Flats includes off-street tenant parking. Completed in 2018, the current owner undertook a substantial property renovation to bring this property in-line with the luxury single-family homes in the neighborhood.

Palma Ceia is amongst the most sought-after neighborhoods in the Tampa MSA. With easy access to luxury retail and dining amenities in Hyde Park Village, proximity to picturesque Bayshore Boulevard, and direct connections to downtown Tampa's demand generators. Over the last decade, Palma Ceia has transformed into an attractive retail destination filled with independent and boutique retailers lining Bay to Bay Boulevard, two blocks north of San Pedro Flats.

The submarket has experienced substantial luxury condominium development, including the 182-unit Ritz Carlton project that began construction in 2021 with sales prices starting at $1.7M. In addition to the condominium complex, Related Group/Ritz-Carlton has plans to add a dog park, swings and pedestrian walkway under the Expressway overpass which will be a great tenant amenity. This capital commitment adds to the billions of dollars of construction within the area spearheaded by Bill Gates and Jeff Vinik.