What do you think about Jacksonville, FL for multifamily?
I'm looking for a good market for class A or B multifamily homes (and also a place to live!), preferably a fourplex, but triplex/duplex would be fine. Out of all the cities I've been researching (Raleigh, Dallas, Kansas City, to name a few) Jacksonville has deals posted online where the numbers actually work! Of course those properties may not be good deals, but maybe that indicates something at least. Seems like there's a lot of great reasons to invest in Jacksonville, but I am curious to know what people/investors in the area think.
Is there a good supply of class A, B multi-family homes on the market?
What are some neighborhoods you would/would not recommend?
Whats the lifestyle like, the people, etc?
Hello @Joe Henry,
Welcome to Bigger Pocket, I wish you a great success.
I do RE wholesale in JAX, however I focus on single family homes. I think that the multi Multifamily unit business is not as developed in JAX as other Florida cities. I'd recommend to contact a local real estate agent and ask about the the market trends. I do not see a lot of multifamily on MLS. However when I see one then it is usually a good deal. You should also contact some property management company as well. If you want I can give you some recommendation. Send me a PM and I will give you some phone numbers to call.
I know @Nick DeMarcocan give some good insight because he's been looking at that market for multifamily.
I live in the Jacksonville market. It is considered one of the best markets for 100 plus units. In 2014 it was in the top 5 for commommerial real estate. There is a lot of hedge fund activity in the area. There has been a lot of large commercial purchases lately, which indicates a growing market. The San Marco area and Avondal are very hot areas but the prices are skyrocketing. The city is planing a huge project on the shipyard. The rendering calls for commercial and residential communities. It should be a 100 million dollar plus project.
In additiom to what Rod said, theres some really great deals to be had north and west of the st johns river, that being said they are closer to C properties and if you dont know the area you should probably stay away from. Best areas for A/B properties are gonna be closer to the beach and the st johns town center. The jags owner is investing alot of money into the downtown area to make it a work/play/live area but at the end of the day it comes down to jobs and incomes. Unless he can bring in bigger companies, itll be tough to generate high rents. The tampa bay lightning owner is doing the same thing in a tampa neighborhood called channelside and is having much more success.
As far as what its like to live there, people, etc its the most laid back and traditionally southern of the big florida cities. People consistently say how big it is because of the amount of land that jax covers, but in reality compared to other metros, the population is small. Theres not as much of a transplant population from northerners and latins compared to tampa or miami, more so people from georgia or south carolina. With that being said, its a very friendly city with a good mix of people from all different walks of life. Its a family oriented city, not so much for singles but thats to be expected from a smaller city. Theres not alot of high paying positions compared to the other florida cities, so your rent may be lower. Theres also alot of people that just want to live on the beach and make just enough to cover their rent.
hey @Attila Vad how is the wholesaling business in Jacksonville? We've been focusing primarily in Tampa and St Pete but it's been difficult to find deals. Maybe we can connect and talk about what you're doing to succeed up there.
Originally posted by @Joe Henry:
I'm looking for a good market for class A or B multifamily homes (and also a place to live!), preferably a fourplex, but triplex/duplex would be fine. Out of all the cities I've been researching (Raleigh, Dallas, Kansas City, to name a few) Jacksonville has deals posted online where the numbers actually work! Of course those properties may not be good deals, but maybe that indicates something at least. Seems like there's a lot of great reasons to invest in Jacksonville, but I am curious to know what people/investors in the area think.
Is there a good supply of class A, B multi-family homes on the market?
What are some neighborhoods you would/would not recommend?
Whats the lifestyle like, the people, etc?
Hi Joe -- Welcome to BiggerPockets!
Jacksonville is a great market in many respects. It's one of my personal favorites right now. In fact, I just recorded a great podcast episode on Jacksonville last week (episode 021).
That should answer a LOT of your questions about the fundamentals, neighborhoods, property types in the market, demographics, jobs, etc.
Continued success!
Thanks for the information guys.
@Marco Santarelli that's a great episode. Thanks for mentioning it.
@Marco Santarelli Thanks for the podcast recommendation. It's a great overview of the Jacksonville market, which I'm currently investigating for buy and hold.