Need information on Jackson, Mississippi

[Jason Cohen]

Hi All - I've never been to Jackson, MS but a deal has come to us that is too good to pass up.  We are looking at a large multifamily property in the heart of downtown Jackson, MS.   I hear that there are a lot of bad pockets, but my question is related to an area I hear is acceptable. Our project is downtown Jackson, MS near the Governor's Mansion. 

I'd like to hear if anyone has experience in this market. What your thoughts are about the area? What type of exit cap rate can I expect to sell the property at? What type of rents should I expect for studios and 1 bedrooms with good quality finishes?  Who will be my renter for studio apartments?

I look forward to hearing from you.

[Jay Hinrichs]

Originally posted by @Sander Ohnstead:

Hey Jason, I live in Jackson and I think downtown is one of those places that could go either way over the next few years. There really aren't many restaurant options and for most part downtown consists of governmental buildings. If you drive around on the weekend there isn't much going on at all. It almost looks like a ghost town unless there is a play or something going on at Thalia Mara. With that being said, depending on location relative to the federal courthouse and the Capitol building you may be able to offer STR options for out of state officials. PM if you have any more questions or need help with anything.

Agreed downtown Jackson just has not had the same redevelopment vibe as many older mid west major cities.. the new development all went north or East of downtown . So the local restaurants etc in downtown are mainly lunch spots.. And with thousands of SFR rentals within 3 to 5 miles of downtown and NO traffic to speak of.. folks can get houses for 500 to 800 bucks.. Hilton built a new hotel or remodeled a nice hotel downtown that is about the only thing i can recall that has been done in many years.. Be interesting to see how this one shakes out.