Cap rates - multi family residential valuation

[Travis H.]

In commercial r/e property value can be calculated as: Value = net operating income/cap rate Does this valuation apply to 1-4 unit properties? Or is that not considered "commercial"? Granted from what I read institutional analysts or appraisers might start with discounted cash flows to value a property. As you can see the waters are a little muddy. Any clarity you can provide would be great. Thank You Travis

[Travis H.]

Bill Jacobsen ... If you don't have comparable cap rates then how do you know if your 8% cap is a good rate?