Question about determining what my Duplex could sell for...

[Victor Kapustin]

I have a Duplex with both units being rented on 1 yr leases. I bought it for $235,000 two years ago and have made some value-add improvements (like raising rents, adding washer/dryer,etc). This year the Duplex will have an NOI of $21,100. Assuming a 7% cap rate, this would put the property value right around $300,000.

So my question is - if I were to list this Duplex today, would the listing price be determined off of comparables, or off the NOI?