Can market Cap Rates be used to value multi's 4 units or less?

[Samson Kay]

So I've found that its difficult to evaluate multies in my area using the 2% rule, because everything is is priced much higher.

So my question is does anyone have experience in massachusetts with using market cap rates with NOI to value the property and do you feel that this is a "Semi" accurate method with determining value (especially when comps are not available)?