How to Find The Average "Median House Price" For Apartments

[Jaren Barnes]

Hey guys and gals!

I'm doing some market research for good potential options in multifamily, and I can't figure out a way to quantify an average price per market.

For example, in residential I'd use the median house price, but there doesn't seem to be data available equivalent to "median house price" for multifamily (at least not that I'm aware of).  

I think my best bet would be the average price per unit for a market, but I don't know where to find this data (without subscribing to something like Co-Star). 

Alternatively, I might be able to use market cap rates BUT again, it's hard to find this data for smaller markets, without having to call up brokers or subscribe to a service like Co-Star.

Thoughts?

[Brent Kawakami]

@Jaren Barnes

Totally agree with Greg.

Besides brokers and costar, there's other good market sources and free and like Yardi, CBRE, etc.

Also agree that # units and and price per unit are all relative. A deal that's $40k/unit vs $100k/unit will have different stories, class, value add opportunity, submarket, etc that could mean good or bad.