Projects

Paddock1 Premium Garage Condos

Project facts

Status

Completed

Address

1111 N 34th St

City

Tampa, Florida

Region

Tampa MSA

Submarket

Tampa; Brandon

Units

61

Amenity tier

Premium

Key amenities

Owners' Clubhouse/Lounge, Social Programming, Private Bathrooms, Wash Bays & RV Stations

Construction

Tilt Wall

Finish level

High-Quality

Year built

2023

Flood zone

AE

Market value summary

# of Sales (T-36)

54

Avg Sale Price (T-36)

$293 / SF

Avg Sale Price (T-36)

$347,000

Avg Market Value

$329 / SF

Avg Market Value

$401,000

Location Summary

Tampa / Tampa; Brandon Overview

Paddock1 sits at 1111 N 34th Street, a 61 unit Premium-Tier project by Paddock Group on the East Tampa industrial fringe where the 34th Street corridor meets the Interstate 4 spine, about two miles northeast of downtown Tampa. This is close-in urban infill, not suburban acreage. The eastern end of Ybor City's 7th Avenue historic strip is under a mile west, the Ybor Channel waterfront about a mile and a half southwest, and the Channel District and downtown core a five to eight minute drive via Adamo Drive or the 21st and 22nd Street one way pair. Interstate 4 is immediately adjacent, the Lee Roy Selmon Expressway is roughly a mile south, and Tampa International Airport is about twenty minutes west.

The trade area is far wealthier than the industrial streetscape suggests, because the radii reach west across the Hillsborough River into Harbour Island, Davis Islands, and South Tampa. Households earning $200,000 or more number 4,367 within three miles and 9,775 within five, and the median home value inside three miles is $418,017. The resulting Wealth Index of 7.3 out of 10 is the strongest the platform records in the Tampa MSA. An inexpensive industrial land basis wrapped by the metro's densest concentration of high income households is the defining underwriting fact here.

Two inherited points frame the rest. The Tampa to St. Petersburg to Clearwater metro reached an estimated 3,375,273 residents in 2024, up about 6.3 percent since 2020 and more than double the national rate, while IRS data show Florida leading all states with a net $20.6 billion gain in adjusted gross income. Within that metro, Tampa; Brandon is the platform's benchmark submarket at $515 per square foot over the trailing twelve months on its deepest base of 48 sales.

Current Events & Infrastructure

• Ybor Harbor: On May 14, 2026 Tampa officials approved $35 million in Community Redevelopment Agency reimbursements toward a 19 block mixed use redevelopment of the industrial waterfront between Ybor City and the Channel District, about a mile and a half southwest. The award supports a $211.5 million infrastructure program covering $47.2 million of seawall work, $22.8 million of roadway and signalization work, and $28.2 million of public realm improvements opening more than 2,500 linear feet of public waterfront, paid at $7 million a year across fiscal 2029 to 2033. Construction is projected to begin in 2027 and phase through 2034, with buildout supporting more than 4,800 direct jobs. For this site it turns the nearest underused waterfront into an amenity edge.
• 34th Street corridor reinvestment: In June 2026 the Tampa CRA board unanimously committed $5 million to the Williams Brown project, a four story mixed use building on this same corridor with 31 income restricted apartments over ground floor commercial space at roughly $12.8 million total cost and about two years of construction once permitted. The agency confirmed in May 2026 that proposals covering two to three groups of assembled parcels, including the long held Gator building, were in legal review for release as early as June 2026, with the CRA's 2034 sunset setting the pace. Public capital is now committed on the project's own street.

Key Demand Drivers

Close-in Tampa builds vertically and parks thinly. New downtown, Channel District, and Ybor residences deliver with one or at most two assigned spaces and no secure, climate controlled room for a collection or a trailer, and the nearest place to solve that inside a ten minute drive is exactly this stretch of East Tampa industrial land.

• Ybor City National Historic Landmark District: More than 950 historic buildings, with the 7th Avenue commercial strip running eleven blocks from the Parkway east to 26th Street; its eastern edge sits under a mile west and supplies this address its identity.
• Benchmark International Arena: The 19,092 seat home of the Tampa Bay Lightning at 401 Channelside Drive, two miles southwest and under ten minutes away, hosts more than 150 events a year. The multi year renaming from Amalie Arena was announced August 13, 2025 and carries over $3 million in nonprofit commitments.
• Tampa Convention Center: Two and a half miles southwest on the Hillsborough River, it completed a $44.5 million expansion in July 2023, including a $38 million phase adding 23,500 square feet across eighteen waterfront meeting rooms.
• Tampa Bay Automobile Museum: The region's collector vehicle institution, founded 2005 in Pinellas Park about 35 minutes west, holds roughly 90 cars centered on engineering firsts. Collection detail comes from a tertiary reference and is enthusiast context, not a hard statistic.

Location Highlights

• MSA Position: A metro of roughly 3.38 million residents growing about 6.3 percent since 2020, with this address two miles from its primary employment core.
• Enthusiast and Collector Culture: Year round subtropical driving, a collector vehicle museum 35 minutes west, and a downtown and Ybor scene that keeps collections in use.
• Infrastructure and Recreation: Immediate Interstate 4 frontage, the Selmon Expressway a mile south, Tampa International twenty minutes west, and a $211.5 million waterfront program advancing nearby.
• Market-Specific Factor: Industrial land inside the Interstate 4 and Selmon triangle is the last close-in inventory of its kind, and public reinvestment on 34th Street is compressing it further.
• Tax and Quality of Life: No state income tax and an IRS measured net inflow of $20.6 billion in adjusted gross income to Florida.
• High Net Worth Concentration: 4,367 households earning $200,000 or more within three miles, 9,775 within five, 21,953 within seven, and 34,961 within ten, an unusually steep wealth gradient for an industrial address.

Area Demographics (ACS 2024)

5-Mile Profile: Population 194,655 | Median HH Income $74,123 | HH Earning $150K+ 19.9% | Median Age 34.7 | Age 55+ 23.7% | Seasonal Units 2.5% | Households with 3+ Vehicles 10.7%

Wealth Index: 7.3 / 10 (SCK portfolio-relative)

Unit values

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