3107 S Esperanza Ave

Located in the heart of Palma Ceia, Esperanza Flats features four apartment units each with a two-bedroom / one-bathroom floorplan. Currently 100% occupied, the two-story boutique building is located on a prime corner lot and includes off-street tenant parking, upgraded landscaping, and and bike storage. Tenant leases are structured with one-year durations and include utility reimbursement. The property has historically maintained 100% occupancy due to its prime location and high-quality unit interiors.

Completed in 2018, the current owner undertook a substantial renovation to bring the property in-line with the surrounding luxury home aesthetic. Renovations included interior and exterior upgrades that differentiate the properties and drive consistent tenant demand. While upgraded, unit interiors could be further improved and washer/ dryers can be added throughout the community as part of a value-add strategy to capture even higher rents. In addition to the renovation, Esperanza Flats has just completed a TPO reroof.

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 Esperanza 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. To complement the project, 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.