Bayshore Palms at Soho
Closed1405 S Lorenzo Ave, Tampa, FL 33629
Property type
Multifamily
Unit / Space count
40
Price
Subject to Offer
Building size
32,094 sf
Rentable area
32,094 SF
Year built
1960
Year renovated
Occupancy
Zoning code
Lot size
1.11 Acres
Sold/status
Sold · Date unknown
Unit mix
1x
1br
19x
2br
8x
-br
Bedroom count
Property description
Bayshore Palms at SoHo presents a rare opportunity to acquire a 40-unit boutique apartment community in the heart of South Tampa, one of the city’s most coveted and supply-constrained submarkets. Ideally located steps from iconic Bayshore Boulevard and minutes from Hyde Park Village and the SoHo entertainment district, the property offers residents an unmatched lifestyle surrounded by Tampa’s premier dining, retail, and waterfront amenities. Constructed with durable concrete block and majority two-bedroom layouts, Bayshore Palms combines stable in-place income with clear value-add potential through continued interior and exterior enhancements. Many units have already been updated with luxury vinyl plank flooring, granite or quartz countertops, stainless steel appliances, and modern finishes, while opportunities remain to further elevate the property with in-unit washer/dryers, smart home features, and refreshed exterior aesthetics. Zoned for top-rated schools and surrounded by strong demographics, the property is well-positioned to capture long-term appreciation and rental growth in one of Tampa’s most desirable neighborhoods.
Property highlights
- Rare South Tampa Offering: 40-unit boutique apartment community in one of Tampa’s most sought-after submarkets
- Irreplaceable Location: Exceptionally high barriers to entry with no new multifamily units planned or proposed within one mile (CoStar, Axiometrics)
- Immediate Income with Value-Add Upside: Stable in-place cash flow with significant upside potential through strategic upgrades and operational optimization
- Further Interior Upgrade Potential: Opportunity to add washer/dryers in-unit and smart locks and thermostats to achieve premium rents. Ability to standardize finishes to luxury level including six-panel doors, 6” baseboards, and high-end plumbing and lighting fixtures
- Exterior Curb Appeal Enhancement Opportunity: Ability to enhance the community through updating exterior paint scheme
- Durable Construction: Two-story concrete block buildings featuring 65% two-bedroom layouts
- Recently Renovated Interiors: Many units feature luxury vinyl plank flooring, granite or quartz countertops, modern cabinetry and hardware, stainless steel appliances, and updated plumbing and lighting fixtures
- Desirable Community Amenities: Resort-style pool, outdoor grill & kitchen area, fire pit, bike storage, pet wash station, and on-site laundry facilities
- Private Outdoor Space: Eight ground-floor units include spacious patios with private parking, commanding premium rents
- Affluent Bayshore Gardens Submarket: 1-mile average household income over $210,000 (Esri) and average single-family home price of $1.69 million (Zip 33606, 2025)
- Top-Rated Schools: Zoned for Mitchell Elementary, Wilson Middle, and Plant High School– all “A”-rated and among Tampa’s most desirable public schools
- Iconic Setting: Steps from Bayshore Boulevard, a 4.5-mile scenic waterfront trail renowned for its views of Tampa Bay
- Premier Lifestyle Access: Minutes from Hyde Park Village, SoHo District, and South Tampa’s most popular dining, retail, and entertainment destinations
- Close Proximity to Downtown: Just 10 minutes from Downtown Tampa, the property offers convenient access to the city’s thriving employment hub of 70,000+ employees, vibrant waterfront developments, and a rapidly growing population