Norfolk, VA Multifamily Market Understanding
My husband and I are trying to learn more about our local market with respect to small and medium multifamily properties. Would anyone be able to shed some light on the following questions:
1. What is local market CAP rate for C class small Multifamily assets (5-10 units approximately) ?
2. Does our market have a standard vacancy rate or does it vary drastically sub-market to sub-market?
3. Does our market have the ability to sustain a transition from owner paid utilities to tenant paid utilities (again this might be sub-market to sub-market as well)?
4. How do 1bed/1bath apartments fair vs. 2/1? (Citydata.com shows that 1 beds are just slightly behind 2 beds)
5. Is there a good metric to estimate commercial insurance costs?
We appreciate any insight or feedback you can offer.