Cap Rate Research / Jacksonville / Multifamily
Jacksonville Multifamily Cap Rates — 2026
Multifamily is the tightest-pricing asset class in Jacksonville at 5.0% – 6.0% — roughly 250 basis points inside local office. It still carries the metro's 25–50 basis point spread to comparable Orlando and Tampa product, which is the reason yield-seeking Florida multifamily capital keeps looking north.
Jacksonville Cap Rates by Property Type
Metro-level ranges covering Duval, St. Johns, Clay, and Nassau counties. Every range on this page is metro-wide — we do not publish Jacksonville cap rates broken out by submarket.
| Property Type | Cap Rate Range | What Drives It |
|---|---|---|
| NNN Retail | 5.75% – 7.5% | National credit tenants — Chick-fil-A, AutoZone, O'Reilly Auto Parts, Dollar General, and quick-service restaurants — continue to expand across the metro. Pricing inside the range tracks tenant credit and remaining lease term. |
| Industrial | 5.5% – 6.75% | The strongest-performing sector in the metro. JAXPORT container growth, the CSX and Norfolk Southern intermodal networks, and the I-95/I-10 intersection anchor distribution demand along Imeson, the Westside, and the I-295 beltway. |
| Multifamily | 5.0% – 6.0% | The tightest-pricing asset class in Jacksonville. Demand is led by St. Johns County / Nocatee growth, urban infill in Riverside/Avondale, and downtown adaptive reuse tied to the riverfront investment cycle. |
| Office | 7.5% – 9.5% | The widest range in the metro. Demand concentrates in downtown Jacksonville, the Southside / St. Johns Town Center corridor, and Deerwood / Baymeadows. Class A rents run meaningfully below Orlando and Tampa. |
Cap rate ranges are directional estimates at the Jacksonville metro level, based on Northeast Florida transactional data, and are updated quarterly. MaxLife Commercial does not publish submarket-level Jacksonville cap rate data — the ranges above apply metro-wide. For deal-specific pricing, contact MaxLife Commercial for a current valuation.
St. Johns County Is the Demand Story
St. Johns County — including Nocatee and Ponte Vedra — has consistently ranked among the top 10 fastest-growing counties in the United States. Master-planned community growth there is driving new multifamily demand alongside retail and medical office. For a multifamily investor, that is the cleanest growth exposure available in Northeast Florida, and it is the primary reason the asset class prices tightest in the metro.
The broader metro adds to it. Jacksonville has captured a disproportionate share of corporate relocations and domestic in-migration from higher-cost markets, with JinkoSolar, Dun & Bradstreet, and multiple financial services firms expanding or relocating operations into the region.
Urban Infill and Downtown Adaptive Reuse
Riverside / Avondale is among the most vibrant mixed-use submarkets in the region — historic walkable neighborhoods with independent retail, creative office, and strong urban multifamily demand. It is the metro's clearest infill multifamily play.
Downtown Jacksonville is the value-add and adaptive reuse story. The urban core along the St. Johns River has a growing residential population and a significant redevelopment pipeline, with the Four Seasons Hotel and Residences and the Shipyards redevelopment accelerating the riverfront investment cycle. Adaptive reuse of downtown office and older commercial stock into urban multifamily is an active strategy here, priced as value-add rather than at the stabilized range above.
Orange Park / Clay County rounds out the metro's multifamily map — a growing suburban submarket west of the St. Johns River serving the Westside population.
How to Read the 5.0% – 6.0% Range
This is a stabilized, metro-level range. It is not a submarket range, and it is not a value-add range. A stabilized Class A asset in a St. Johns County master-planned community and a 1980s Westside asset with a renovation plan do not clear at the same yield, and neither should be underwritten off the midpoint of a metro range.
The range is also the tightest of the four Jacksonville asset classes we publish, which means it carries the least margin for error. Where office at 7.5% – 9.5% has room to absorb an underwriting miss, multifamily at 5.0% – 6.0% does not. Rent growth assumptions, insurance cost, and exit cap rate do most of the work in a Jacksonville multifamily model.
Jacksonville Multifamily Cap Rate FAQ
What are multifamily cap rates in Jacksonville?
Jacksonville multifamily trades in the 5.0% – 6.0% range as of 2026 at the metro level. It is the tightest-pricing of the four Jacksonville asset classes we publish — inside industrial at 5.5% – 6.75%, NNN retail at 5.75% – 7.5%, and office at 7.5% – 9.5%.
How do Jacksonville multifamily cap rates compare to Orlando?
Jacksonville trades 25–50 basis points wider than comparable Orlando and Tampa assets across every asset class, multifamily included. For a multifamily buyer that is the core reason to look at Northeast Florida — the same Florida demographic and tax exposure at a higher going-in yield.
Where is Jacksonville multifamily demand strongest?
St. Johns County and Nocatee, where master-planned community growth in one of the fastest-growing counties in the US drives new demand. Riverside/Avondale carries the strongest urban infill demand, and downtown Jacksonville is the adaptive reuse and value-add market as the riverfront investment cycle matures. We publish Jacksonville cap rates at the metro level and do not assign separate ranges to these submarkets.
Does the 5.0% – 6.0% range apply to value-add multifamily?
No. The range reflects stabilized product at the metro level. Value-add and adaptive reuse deals — including downtown office-to-residential conversions — trade outside it, and should be underwritten on a going-in basis with a separate stabilized exit assumption rather than off a stabilized metro range.
More Jacksonville Research
Jacksonville Commercial Real Estate Cap Rates
Jacksonville commercial real estate cap rates by property type: NNN retail 5.75–7.5%, industrial 5.5–6.75%, multifamily 5.0–6.0%, office 7.5–9.5%.
Jacksonville Office Cap Rates
Jacksonville office cap rates run 7.5%–9.5% in 2026 — the widest local asset class. Submarket demand drivers, the Orlando spread, and what moves pricing.
Jacksonville Market Overview
JAXPORT, the Southside, the Beaches, and the St. Johns corridor — the full Northeast Florida market report.
Jacksonville CRE Market Guide
A longer-form investor guide to buying commercial property in the Jacksonville metro.
Jacksonville Industrial Space
Warehouse and distribution space for lease across the Imeson, Westside, and I-295 corridors.
Florida Cap Rates by Market
Statewide benchmarks by asset class and market tier — compare Jacksonville against Orlando, Tampa, and South Florida.
Orlando Cap Rates by Submarket
Submarket-level Central Florida cap rates — the market Jacksonville is benchmarked against.
Underwriting a Jacksonville deal?
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