Multi Family Homes are a great way to build wealth while living in one unit and renting the remaining ones. Whether you are a professional investor or just looking to start buying a rental property, Jacksonville is a great area to invest in multi-family units. A multi family home could be a duplex, or a small apartment, townhome, or condo complex. The owner may live in the complex or may rent out all the units.
Desired Multi-Family Neighborhoods
When searching Jacksonville for multi family homes, the main neighborhoods you want to be searching are Riverside, Avondale, and Jacksonville Beach. Riverside and Avondale are historic areas and many of the multi-family units in the neighborhoods were built in the early to mid-1900s. This means you will be looking at one or two types of properties here: modern renovated real estate and units that need many upgrades or repairs. However, the great location right by the main nightlife destination of King Street and Ascension St. Vincent’s Riverside allows for a variety of tenant opportunities including military personal, young professionals, hospital workers, and college students. The good variety of possible tenants makes finding new ones easier.
Jacksonville Beach is the primary other location when looking for multi family units in Jacksonville, Florida. Jax Beach has many of the same perks as Riverside and Avondale including being a nightlife destination and close to the Mayo CLinic but it also has the benefit of being in a beach neighborhood. This will result in the unit prices renting for a higher level but the purchase prices will also be higher. Another thing that makes Jacksonville Beach a less desirable investment is the flood potential. Flooding in Jacksonville Beach during hurricanes is very common and you will need to purchase flood insurance for many of the areas here.
Buying As Owner-Occupied
Buying Mult Family homes in Jacksonville as owner-occupied real estate can be a great entry into investing. By being an owner-occupied property, you can get interest rates lower than standard investors. This increases your purchasing power and makes it one of the best investment opportunities to help diversify your portfolio. In addition, military members should especially be interested in looking at multi-family and duplex because of the advantages of VA loans. In addition, the military family makes it easier to rent out units if you want to self-manage your property.
If you’re interested in purchasing a multi-family property in Jacksonville, give me a call to discuss the current market opportunities.
Cory Weikel – Realtor
Jacksonville, FL 32258