Central Florida / Orlando Investors: What are the best submarkets in the Central Florida / Orlando area to invest in for Class C multifamily properties? I am looking to purchase 1-2 of these types in Central Florida/Orlando in 2020. I am building my team now, and would appreciate any help on where to focus attention -- and where to avoid due to over-supply, decreasing potential, etc.
@Robert Carlson depends on the number of units and your price range. I am an investor looking for a 2-4 unit property. There is a lot of competition and the prices are high. The local real estate agents will chime in, shortly. They will be able to give you better insight.
Hey @Robert Carlson - truly class C markets are going to be around the perimeter of downtown, generally at least 30 minutes out. Parts of Kissimmee, Sanford, Lake County, Osceola County and Polk County.
You'll (obviously) want a good, boots on the ground local agent who knows the nuances of this market. It's really overheated right now, and supply constrained, so there are thousands of new units coming online. That puts pressure on prices of existing assets as the new units, due to high construction costs, are almost all class A.
Hope that helps!
@Robert Carlson I am a realtor and rental property investor here in Orlando and @Andrew Davis Is absolutely right. With that being said I have seen several good deal come onto the MLS recently but they go fast. So you have to position yourself so that you can analyse and close a deal quickly with a strong offer but the deals are still here they are just few and far between. If you ever need any help looking I would be happy to help. Send me a message and we can connect.
I agree with the comments @Andrew Davis made about the frenzied pace of class A new construction apartment complexes. Anything listed publicly will be at market rate in the 5-7 CAP range. I would look toward the more rural areas of Orlando Metro about 30 minutes to 1 hr from downtown Orlando.
Hi @Robert Carlson ! We are located in the Tampa Market. I can share some things with you about sub markets we are gauging. Feel free to inbox me so we can hop on the phone