Tampa and Sarasota markets

[Ardijan Has]

Hi all!

My wife and I are moving to the Tampa/Sarasota area in about 6-8 months. I have been doing some basic research of the market and was hoping few people can chime in.

I am looking into buying multiunit properties (<30 units.) What does the market look like, any indicators for future growth/depreciation, avg cap rates, vacancies, anything really that will give me a better picture of the market would be appreciated.

Thanks!

[Sarah Hart]

I have a sfh portfolio in Sarasota, and feel I know the place inside out back to front.I tend to buy close to the hospital, generally east of US41 and south of Fruitville. The area that I would avoid would be east of 41, west of US301 south of university and north of 10th, 17th street is the heart of the war zone, but you can drive through the area and I know some landlords who have bought there but personally speaking I prefer a cap rate of 10% and capital appreciation over losing my life, I know of one landlord who had a gun pulled on him.

I'm not buying at the moment because I can't find any deals in my preferred area, but will be back once more inventory comes on.

If you are looking for multi family, I saw a great one on the market in Hillview St, worth a look I would say, but not at the price the are offering it at, you would be generally occupied 100% as so close to the hospital, downtown, and siesta Key so ideal for the service industry tenants.

I'm currently looking into a project in Cape Coral possible JV in building new homes but leveraging with a construction loan, have been buying land down there from a pension fund who is looking for an exit strategy.

If you want to know anything about Sarasota I'll do my best to help.