Estimating market value for a property

[Georges A.]

Hey guys,

I am still a newbie so I apologize in advance if this isn't a very intelligent question.

I am looking at a potential property with price say $600k (3 plex , 4000 sq ft MF) and asked my realtor for the comps to see if I am buying below or at market fair value (of course I want to buy below). The comps were for 3 different properties that were all 2000 sq ft 3plex mf sold at 500k. so the realtor concluded that I am buying below market price (if they accept my offer) and expects that it actually goes at 675-680k. He did so by using the $/sq ft and using a much lower price per footage doing the comparison.

Is this approach correct? If not, could you please recommend a better approach to get the market value of the property?

thanks