The state of small multi-family in Central and South Jersey

[Jephte Augustin]

BiggerPockets has been pushing multi family hard in the last few weeks and I’ve caught the bug. The question I have is whether anyone is aware of the health of the small multi family market (5-20 units) in New Jersey, especially central and south Jersey? Are you aware of an increase in listings? Are there brokers here who wouldn’t mind sharing what they see from their point of view?

[Jeff Nash]

I am originally from NJ and can get you in touch with some people that might be able to help you with your inquiry.  I’ll be up there next week. 

[Joseph Guzzardi Jr]

Quote from @Jephte Augustin:

BiggerPockets has been pushing multi family hard in the last few weeks and I’ve caught the bug. The question I have is whether anyone is aware of the health of the small multi family market (5-20 units) in New Jersey, especially central and south Jersey? Are you aware of an increase in listings? Are there brokers here who wouldn’t mind sharing what they see from their point of view?

I have primarily been a buyer in the 2-4 unit space and now underwriting deals in the 10-30 unit range in NJ. Many are over priced and many owners still trying to sell at lower cap rates where at least for me it doesn't make sense to make a move if its fairly close to the int rate I would be paying. South NJ has better opportunity in my opinion from what I have seen in terms of bang for your buck. 
I'm also open to building relationships with these commercial brokers/agents in the NJ area.