Effect of multifamily being built next to my potential 4plex?

[Jason Carter]

I'm considering purchasing an older 4plex and just found out a 30 unit apt building along with 20 condos are going in right next door. Plans approved but they have yet to break ground. Looks like it might dwarf my building. 

Obviously it adds tenant competition but I suspect those apts will be in a much higher price range. And there's a very low vacancy rate in the city. The development is just one of many being considered nearby. And not just multi family development - retail, restaurants, city improvements, etc. 

Is this a potential positive for the value of the 4 plex? Or could it be a negative? 

Thanks in advance.