Commercial - 16 Unit -Pricing help

[Venkat Raghavan]

Hey BPers,

I am looking at a 16 unit 2BR 3BR - which need at least $330k in rehab. Currently vacant.

rental income in the area goes for b/w 900-1100.

I was told I should be using income in the last 6 months to run the NOI and use the market cap rate to find the Purchase price...

Its vacant and in need of work - What should I submit the offer for ?

Still working on Financing wiht private folks... just in case if you guys have any other idea to fund this deal ?