Any fellow Quad Investors in Jacksonville?

Question

Hello BP Community,

I am looking to purchase my first MFH in Jacksonville, FL in the 32209 area and was wondering if anyone has experience in this specific niche? I could use any advice/tips from financing to renting and anything in between. I am in process of securing a down payment, and about to start the loan process for the purchase. I have run numbers on numerous quads in that area but my other properties are in 32225 so I'm not as familiar with typical issues as well as any tribal knowledge. I appreciate any feedback from you all, Cheers!

Minna Reid · Answer

32209 is a far cry from 32225. Rents will be much lower and so will tenant quality. There are 4 listed quads there now and none of their numbers look good at all. I am not saying you shouldn't buy in 32209 but that you should definitely make sure your existing PM will cover that zip and you're really gonna need to do much much better on price than what is listed now, unless you have an off market deal you're looking at.

Basit Siddiqi · Answer

32209 has some decent pockets that are nice but I am thinking the area's where most of the quads are located within 32209 are the 'rougher' parts.

I would reach out to your PM for guidance if you already have a PM company managing your property in 32225.
I seen quads in 32209 go for around $200,000 - $350,000.
You can definitely cash-flow...the question is how much work will be involved.

Christian Leon · Answer

@Scott Mac Tribal knowledge in the field of aviation refers to any information you may have that is not common knowledge. You either learned it from years of experience, or from your peers. In my case I can only learn so much from the internet and am hoping to get some tips from people who have time in said market. Thanks for reminding me that my aviation lingo does not translate to RE!

Joseph Beilke · Answer

@Christian Leon

I have not closed any deals in 32209, but I will say that it is mostly C and D class neighborhoods. 32225 is heavy B class neighborhoods with a few A's and A++. You are looking at two completely different areas of Jax and can not expect the same out come for rent revenue or tenant payment reliability. I don't know the numbers you are getting or the type of landlord/Owner you are. 32209 might work for you but, its just to risky for me.

Good Luck

Bret Gifford · Answer

yea

Drew C Grossman · Answer

It really depends on where in 32210…is it the quad listed by Southern Impression Homes?

Drew C Grossman · Answer

Hello @Christian Leon - pretty much everyone above nailed down the differences between 32209 vs 32225. Two different markets..therefore two completely different strategies/goals. What made you choose these markets in Jacksonville…do you have a competitive advantage or why here? What is your goal for this multi family project? Do you have a specific business plan in place? What is your expected or goal for return? Most of the multi family in the 32209 areas are going to be very old and run down and not worth price with D/C tenants…not investable IMO. Have you considered building in a more C/B area in Jacksonville/St Augustine area. It won’t be cheap but building to rent is the way to go if you are going to keep as rentals. A lot of this obviously depends on what you want the financials of the properties to look like. We are doing build to rent multi family out in Central Florida.

Bret Gifford · Answer

Anyone have thoughts on 32210? Looking at a new Quad there.

Josh Rowley · Answer

One question I would have would be have you managed any multi families at all yet? They just run differently than single family. Doesn’t mean it’s bad it’s different. It is true that most of the multi family are in the c neighborhoods except if you go to the beaches or Riverside area. I own and manage several multi families in the 32209 and 32206 And have since 09’.

Any fellow Quad Investors in Jacksonville?

Any fellow Quad Investors in Jacksonville?

Investor-friendly agents in Jacksonville, FL

Most Popular Reply

12 Replies