Doing some research on the Jacksonville area for a multi family property (6-15 units) and wanted to get peoples thoughts on the best neighborhoods for investment. I am interested in b class neighborhoods, those that are up and coming, have improving demographics. What are peoples thoughts on Riverside and Avondale?
Real Estate Agent · Jacksonville, FL · Member since 2016 · 406 posts · 163 votes
8y
Hey @Michael Newman, I agree with @Daniel Lee that Riverside and Avondale might be priced a bit too high. If you look at the market in Jacksonville I think you'll notice that the neighborhood adjacent to those two neighborhoods is called Murray Hill. That neighborhood has a lot of investor activity right now as people who can't afford Riverside and Avondale are moving a bit further out. There are lots of SFRs being flipped there.
As far as multifamily goes I would take a look at Hillcrest. It's not a B class neighborhood right now but it is the next neighborhood after Murray Hill. As Murray Hill gets priced out Hillcrest will be the next neighborhood in the path of growth. It may or may not end up becoming a B class neighborhood but if you're looking at picking up 6-15 units the inventory is there and if the numbers make sense now they will only make more sense over the coming years.
You could potentially look in 32211, 32207, 32065 and 32210 but you'll have to be picky about the neighborhoods.
I recommend you reach out to @Hadar Orkibi. He's been doing research on this and hopes to do the same thing.
Flipper/Rehabber · Jacksonville, FL · Member since 2017 · 12 posts · 8 votes
8y
Riverside and Avondale is a hip part of Jacksonville with newer restaurants and bars opening up on a steady basis. It has a number of older small multi-units; however, at current prices, it might not be a good cash flowing investment (if at all).
Riverside and Avondale is a hip part of Jacksonville with newer restaurants and bars opening up on a steady basis. It has a number of older small multi-units; however, at current prices, it might not be a good cash flowing investment (if at all).
Thanks for the insight. Which areas would you recommend if you feel those are overpriced?
Real Estate Agent · Jacksonville, FL · Member since 2016 · 406 posts · 163 votes
8y
Hey @Michael Newman, I agree with @Daniel Lee that Riverside and Avondale might be priced a bit too high. If you look at the market in Jacksonville I think you'll notice that the neighborhood adjacent to those two neighborhoods is called Murray Hill. That neighborhood has a lot of investor activity right now as people who can't afford Riverside and Avondale are moving a bit further out. There are lots of SFRs being flipped there.
As far as multifamily goes I would take a look at Hillcrest. It's not a B class neighborhood right now but it is the next neighborhood after Murray Hill. As Murray Hill gets priced out Hillcrest will be the next neighborhood in the path of growth. It may or may not end up becoming a B class neighborhood but if you're looking at picking up 6-15 units the inventory is there and if the numbers make sense now they will only make more sense over the coming years.
You could potentially look in 32211, 32207, 32065 and 32210 but you'll have to be picky about the neighborhoods.
I recommend you reach out to @Hadar Orkibi. He's been doing research on this and hopes to do the same thing.
Flipper/Rehabber · Jacksonville, FL · Member since 2017 · 12 posts · 8 votes
8y
@Michael Newman the zip codes Joseph mentioned are good for finding multi-family properties. Also, I would say investors like to focus on single family rentals in Jacksonville and a strategy might be to package them together on a portfolio purchase if you wanted 6-15 units at once.
Real Estate Agent · Jacksonville, FL · Member since 2016 · 406 posts · 163 votes
8y
That's true. I work with a lot of investors focusing on single family homes. As of late I've been getting a lot of interest in duplexes, triplexes and quads but usually investors are trying to build a portfolio of SFRs.
Yeah looks like I am interested in a segment of the market that others aren’t focused on. That could go either way I suppose. Really appreciate the local insights.