Jacksonville MF Market

[Stephen Spradley]

Hello BP, 

I'm looking for an affordable market in Florida to start acquiring some multi-families in the next few years. I'm from there, and usually make my way back at least twice a year. After some light research, Jacksonville seems like it has a sizeable MF inventory at an affordable price. This location would also work well with me since the majority of my family still resides around the DeLand/Daytona Beach area, and this isn't too far from Jville. I would love to hear some insight from local investors about the area, the good, bad, and the ugly. I would also love to connect. Feel free to leave a comment sharing your opinions about the local market, and thank you for your time. 

[Minna Reid]

The multifamily market is incredibly tight in Jax right now. I am working with several investors here and inventory is extremely limited. I do anticipate once the foreclosure and eviction moratoriums end, we will get more MF inventory (along with all inventory). You and everyone else is looking to invest in Jax now. I was reading somewhere that we are the only remaining affordable coastal metro in the US -and that sounds about accurate. The demand for smaller multis is especially high. You're better off if you have a very high price point, can go into 5+ units, can tolerate terrible neighborhoods, and no matter what you have to be on top of anything listed immediately. You will also definitely want to have a plan to market to the unlisted. Also, keep in mind most of our housing stock here is SF. You may have more success with those, especially in  older neighborhoods that are now being revitalized and housing is still cheaper.  There are simply not a lot of multis, especially in the more desirable areas.