Are comps relevant for commercial residential?

[Dan O'Neill]

In email conversation with an agent about an 8 unit property, I questioned how she arrived at the ask price considering the income, expense and cap rate figures she sent me. The figures and the list price didn't align at all. She answered, not well I think, but also sent a comp to try to help justify. Are comps even relevant for this type of property? From my understanding it is strictly an NOI and cap rate to arrive at a valuation.