Looking for the best places to invest in Tampa? Full of white sand beaches, year-round great weather, and plenty of entertainment options, it’s no wonder Tampa is one of the most populated cities in all of Florida. Not only is Tampa lively, diverse, and chock-full of attractions, it’s also a stellar place to invest. That’s because a sizable 50% of the city is renter-occupied. Even though the average home price is just above the US average, property value has been steadily increasing year-over-year, making it an excellent area for investors who are looking for high ROI. However, it’s also an expansive city with many different areas to choose from, some that investors may not even be aware of. In this article, we’ll cover some of the best places to invest in Tampa and what type of properties, neighborhoods, and price ranges you can expect there.
Hyde Park
Where is it located?
Located just five minutes from downtown, Hyde Park is regarded as one of the best places to live in Tampa. Its close proximity to the city center makes it a popular choice for young professionals as well as residents attending the University of Tampa. Most residents here rent their homes, making it the perfect place for investors looking to purchase a rental unit. The proximity to the university as well as the lively downtown area ensures high demand for rental units, meaning it will be easy to keep your property occupied.
What types of properties are available?
There are a wide range of properties in Hyde Park, ranging from A-class, single-family homes, to B- and C-class condos and apartment units. With this wide range of property types also comes a variety of property values. While the more expensive properties in the area are likely to hold value well, this means the demand for the area is high, and lower-priced properties are sure to be picked up quickly.
What other benefits are there?
The schools in Hyde Park are some of the best in Tampaand a huge draw for families in and around the city. Hyde Park, like a lot of neighborhoods in Tampa, borders the water. If beaches aren’t your scene, it also has access to a variety of shops and restaurants in the Hyde Park Village outdoor shopping center. Residents of Hyde Park also have the benefit of close proximity to the nightlife in South Harbor, or SoHo.
Palma Ceia
Where is it located?
South of Hyde Park, and just 10 minutes away from the city center, lies the neighborhood of Palma Ceia. Right off the shoreline and inching down the peninsula, Palma Ceia is most known for its dining options as well as its proximity to the Palma Ceia Golf & Country Club. Residents of this neighborhood are split 50/50when it comes to renting versus owning, so there’s great opportunity for both purchasing and holding or fix-and-flipping.
What types of properties are available?
The properties here are mostly B-class, single-family homes, many of them retaining the historic charm that Tampa is known for. Properties in Palma Ceia are priced about average for the city, making it a great place for any investor to explore. While many of the local residents are young professionals, there are also plenty of properties with three or more bedrooms, for any interested families.
What other benefits are there?
Investors looking to purchase in Palma Ceia will find many historic homes. You could either opt to fix-and-flip or preserve the property, making only the changes necessary to get it rent-ready. Either way, potential residents may be willing to pay a premium for a historic Palma Ceia property. Since the residents of this neighborhood have access to a variety of entertainment options (shopping, dining, and waterfront), Palma Ceia remains in high demand for both renters and buyers, making it a great place to invest.
Gandy/Sun Bay South
Where is it located?
Continuing down the peninsula, you’ll find the neighborhood known either as Gandy or Sun Bay South. It sits about 15 minutes southwest of the city center and is the most economically-friendly neighborhood on our list. Given its distance from the city, the properties here lean more suburban, meaning larger homes and lot sizes. Naturally, this is a great place for families. Around half of the residents in Sun Bay South rent their homes, so whether you’re looking for a long-term rental property or a flip, there’s something for everyone in Sun Bay South.
What types of properties are available?
There’s a wide variety of properties available in Sun Bay South, ranging from B-class homes to condos, and even empty lots for any investor looking to build from the ground up. Prices for the area are below average for the city of Tampa, making Sun Bay South a great place for first-time investors to get their foot in the door.
What other benefits are there?
The schools in Sun Bay South are above average for the state of Florida, which is a sizable draw for many families. South Tampa is also regarded as one of the most vibrant areas in all of Tampa, with an abundance of nightlife and entertainment, so residents have access to everything they need right outside their door.
East Tampa
Where is it located?
East Tampa is located exactly as it sounds: east of Tampa. About nine minutes from downtown, this neighborhood is known for its nightlife and culture, as well as many locally-owned small businesses. The properties here lean more suburban, giving residents a little more room to breathe. There is also an abundance of parks in the area, including Skatepark of Tampa, which hosts dozens of local events throughout the year. Essentially, residents of East Tampa enjoy all the benefits of living close to a bustling city, with the extra space of the suburbs.
What types of properties are available?
The properties in East Tampa are largely C-class homes, making them an excellent choice for both new and seasoned investors looking for high ROI. Most of the neighborhood's residents rent their homes, so it’s a great fit for investors looking to make a long-term investment in the rental market. Even though the properties are older, many of the homes are on larger lots, making it an ideal place to boost income by exploring the addition of an accessory dwelling unit (ADU).
What other benefits are there?
The diverse residents of East Tampa all bring their own cultural influence to the scene. This is reflected by the abundance of multicultural food options, locally-owned businesses, and the beloved Sanwa Farmer’s market. Residents of the area have everything they need close by while still maintaining access to the city. This makes the neighborhood desirable for anyone looking to get outside the hustle and bustle.
Temple Terrace
Where is it located?
Northeast of the heart of Tampa lies the suburb of Temple Terrace. Known for its proximity to University of South Florida and Florida College, Temple Terrace is a lively neighborhood with an abundance of parks, shops, and greenspaces for residents to enjoy. The suburb is also known for housing one of the world’s largest orange groves, and the history surrounding Tampa’s agricultural roots can still be felt here today. Temple Terrace is also near a variety of museums and amusement parks, making it an ideal location for residents looking to escape the crowded city streets.
What types of properties are available?
There are many B-class, single-family homes available in the area, but condos are not unpopular either. Properties range from below average to around the median price for the city of Tampa, making Temple Terrace an excellent location for a wide variety of investors. There are a few new builds in the area, however most homes are a little older and may require some updating in order to shed some out-of-date styles. Around half of the residents of Temple Terrace rent their homes, and since it’s close to multiple universities, you can rest assured there will always be an abundance of renters in the area.
What other benefits are there?
Like many areas near Tampa, the schools in Temple Terrace are highly rated for the state of Florida. Despite being more inland than some other neighborhoods in Tampa, the Hillsborough River runs through the heart of Temple Terrace, giving the city's residents access to a waterfront regardless of proximity to the ocean.
Beach Park
Where is it located?
The neighborhood of Beach Park is located right on the water in south Tampa. The most affluent neighborhood on our list, Beach Park is most notable for its winding coastline that sits many of the properties here directly on the waterfront. Just 10 minutes west of the city center, this neighborhood is also just a short drive from Tampa International Airport. There are plenty of parks, shops, and entertainment options all within a short distance, making Beach Park the most walkable neighborhood in all of Tampa.
What types of properties are available?
Most of the properties in Beach Park are firmly A-class, with larger footprints and many waterfront views. So, this area will be great for big-spending investors looking to turn a high profit. The properties in Beach Park are above average in price for the city of Tampa. While this may make it difficult for new investors to break in, if you’ve got the cash to spend, it’s an area well worth looking into for high profit margins.
What other benefits are there?
Many of the residents in Beach Park are families, and considering that the schools are highly rated, it makes sense that this is a strong draw. Given the walkability, access to the waterfront, and expansive homes, Beach Park may be one of the most lucrative investment locations in all of Tampa.
Final Thoughts: Best Places to Invest in Tampa
Among the best places to invest in Tampa, investors can expect to find mid-level B-class properties, all the way up to those in the A+-class. In other words, you’re sure to find both more affordable options and higher-income opportunities. Long story short: Each area comes with its own unique pros and cons. To get the best feel for where you’d like to invest, it always helps to talk to an expert who has boots-on-the-ground knowledge and knows each neighborhood like the back of their hand. Our Tampa team is always happy to help and can answer any questions you might have. If you’d like to learn more about the Tampa market as a whole, including population insight, renal market trends, and more, download our Tampa Market Deep Dive.
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