![[DEMO] Front elevation from the street](../demo/listings/3620-old-canton-rd-jackson-ms-39216-1-800.png)
6 photos$268,000
3620 Old Canton Rd
Jackson, MS 39216
4 bd·2 ba·2,240 sq ft
29 days on marketMinimal flood riskMLS MSD-260114
Multifamily
Multifamily and apartment investment
Small multifamily is the most common way a Mississippi investor gets started and the easiest place to buy a pro-forma instead of a building. The difference between the two is a rent roll you verified and an insurance quote you actually obtained.
On the market now
Multifamily listings in the Bedford MLS mirror
Live from the Mississippi MLS. Commercial records here are thin by nature — the national marketplaces below carry the rest.
- 6 photos
Trust the T-12, not the pro-forma
Ask for a trailing twelve-month operating statement, the current rent roll with lease start and end dates, and the last two years of tax returns for the property. A pro-forma is a seller’s opinion of what you could achieve. The T-12 is what happened.
Reconcile the rent roll against actual deposits. Concessions, month-to-month tenants and units occupied by a relative of the owner all show up as full rent on a summary sheet.
Insurance is now an underwriting line, not an afterthought
Mississippi wind and hail exposure has repriced small multifamily. On the coast, a wind-pool placement plus a separate all-other-perils policy is normal, and a named-storm deductible is a percentage of the insured value, not a flat number. Inland, roof age drives the premium and can drive a decline.
Get a real quote during your inspection period, on the actual roof age and construction type. An insurance number carried over from the seller’s expiring policy has misled more buyers in this state than any other line item.
What lenders in this market actually want
Most local banks underwrite small multifamily to a 1.20 to 1.25 debt-service coverage ratio, 20% to 30% down, a 20- to 25-year amortisation and a five-year fixed rate with a reset. Run your DSCR before you write an offer, not after the appraisal.
Expect the appraiser to use both the income approach and sales comparables. In markets with thin transaction volume, a weak comparable set can cost you the loan even when the income supports the price.
Diligence
Multifamily diligence
Bedford works this list on every multifamily transaction. Ask any broker for their version — if there is not one, that is your answer.
- Trailing twelve-month operating statement and two years of tax returns
- Certified rent roll, with lease copies and security-deposit ledger
- Bound insurance quote on the actual roof age and construction — not the seller’s renewal
- Unit-by-unit walk, including occupied units; a 10% sample is not enough on small assets
- Deferred maintenance schedule: roofs, HVAC, water heaters, parking, sewer laterals
- Utility structure — master-metered versus individually metered changes the NOI materially
- Local code enforcement and any open violations
National inventory
Multifamily on LoopNet and Crexi
Built for Ridgeland below. Use the national search to switch to Madison, Jackson, Flowood, Brandon, Gulfport, Biloxi.
For sale
Powered by Continental Brokers Inc.
Price the insurance before you price the deal
Mississippi commercial property insurance has repriced sharply, and on the coast wind and flood are placed separately from everything else. Continental Brokers will quote the real building, not the seller’s expiring policy.
Get Instant Insurance Quote
What Mississippi actually requiresPowered by Continental Brokers Inc.. Bedford Realty is not an insurance agency.
Insurance products are offered and placed by Continental Brokers Inc., an independent insurance agency. Bedford Realty, LLC is not an insurance agency, does not sell insurance, and receives no commission on policies placed. Coverage is subject to underwriting approval, policy terms, conditions and exclusions.
FAQ
Multifamily: what people ask
What cap rate should I expect on Jackson-metro multifamily?
It depends on vintage, location and how the expenses were reported, and any single number quoted on a web page is marketing. What Bedford can do is pull the actual closed comparables for the submarket and asset class you are looking at, and show you the arithmetic. Use the cap-rate calculator on our investment page with your own numbers first.
Does Bedford manage the property after I buy it?
Yes — Bedford Realty runs a property-management operation, and you are not obliged to use it. Ask for the management proposal and the brokerage proposal separately so you can judge each on its own terms.
Is a duplex a commercial or residential purchase?
Financing treats one to four units as residential, which usually means better rates and terms than a five-unit building. That threshold is the single biggest structural break in small multifamily economics in this state.
Next step
Start with the requirement
Tell us what the business has to do and by when. We will work backwards to the building, search the MLS and the national marketplaces together, and represent you on whichever one wins.