Somerset Bay (Spring Hill, FL)
Bay Dr, Spring Hill, FL 34608, USA, Spring Hill, FL, 34608, US
144 unités
Descriptif
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present Enclave on East, a 196-unit garden-style multifamily property strategically positioned in Largo, Florida. This 1986-built community, situated on 14.19 acres directly off East Bay Drive, offers exceptional connectivity to the Tampa Bay area’s major employment centers and maintains strong operational fundamentals with 97.70% occupancy over the trailing 12 months.
Enclave on East enjoys unparalleled accessibility, positioned within 20 minutes of Downtown St. Petersburg, 25 minutes of the Westshore Business District, and 30 minutes of Downtown Tampa. Additionally, residents enjoy proximity to Pinellas County’s renowned Gulf Coast beaches, with Clearwater Beach and Indian Rocks Beach just minutes away. The property serves an affluent demographic with average household income of $94,083 within a five-mile radius, where 65% of residents engage in white-collar occupations. This strategic location provides residents immediate access to Tampa Bay’s largest employment hub, Gateway Business District (114,000+ employees) just a 10-minute drive away.
The property presents significant value-add potential with 47 classic units slated for renovation and current market rents of $1,764 with a 6.7% loss-to-lease demonstrates substantial mark-to-market opportunity, supported by favorable rent growth projections of 10.8% over the next three years. The community features resort-style amenities including a pool, 24-hour fitness center, clubhouse, and serene lake views, positioning it as a unique, highly desirable, low-density, attainable housing option within Florida’s most densely populated county.
Enclave on East represents an exceptional acquisition opportunity, combining strategic location advantages with proven operational performance and substantial upside potential in one of Tampa Bay’s most desirable residential submarkets.
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Attributs
Nombre d'unités
196
Année de construction
1986
Superficie du bâtiment nette
13 839 mètres carrés
Superficie du terrain brute
0 mètres carrés
Superficie locative
15 034 mètres carrés
Places de parking
325
Média
Points forts de l'investissement
HIGHLY SOUGHT-AFTER, LOW-DENSITY, ATTAINABLE PRODUCT: Within the densest populated county of Florida, Enclave on East stands as a unique value alternative with limited middle-income housing supply.
SIGNIFICANT MARK-TO-MARKET POTENTIAL: With a T12 occupancy of 97.7%, the property currently has a 6.7% loss-to-lease, providing an opportunity to improve revenue by $280,000 in Yr.1.
PRIME VALUE-ADD OPPORTUNITY: This property presents exceptional upside potential with 47 classic units ready for strategic renovation. Beyond the immediate renovation pipeline, there exists significant opportunity to implement next-generation upgrades across all units, unlocking potential rent premiums of $174 per unit or $408,480 in total annual premiums.
UNPARALLELED CONNECTIVITY: This location offers exceptional access to the region’s major employment hubs. Within a 20-minute drive, you can reach the Gateway Business District (10 minutes, 114,000 employees), Downtown St. Petersburg (20 minutes, 27,000 employees), and the Westshore Business District (25 minutes, 102,000 employees) and Downtown Tampa (30 minute-drive, 77,000 employees), positioning you at the crossroads of the area’s key business centers.
STRENGTHENING SUBMARKET FUNDAMENTALS: Favorable rent growth projections of 10.8% over the next 3 years (Costar), which is supported by in-place income at the property.
SOPHISTICATED AMENITY PACKAGE: Offering an array of amenities ranging from the resort-style pool, 24-hour fitness center, fully equipped clubhouse and serene lake views
AFFLUENT NEIGHBORHOOD PROFILE: This prime location sits within a highly desirable five-mile radius featuring a prosperous demographic with an average household income of $94,083 and 65% white-collar employment. Adding to the area’s appeal, the property is zoned for Belcher Elementary, an A-rated school.
REAL ADVICE: The initiative has consistently achieved a 100% success rate, typically resulting in a 65% average reassessment value for properties sold.
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Enclave on East (Largo, FL) (0 Propriétés)
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Dernière mise à jour
19 août 2025
