Cap rate and evaluation help

[Kyle Woodruff]

Looking for some expertise in the area of evaluating a commercial property. It's a 3 unit with 13 storage units. It is a unique property and I'm having a heck of a time trying to get an evaluation...I've been googling cap rates and I'm having a hard time grasping the concept because what I read says to base the cap rate on buildings in your area but how do I find the average cap rates ? Help

[Kyle Woodruff]

@Kim Meredith Hampton

Thanks Kim. Property needs some updates for sure but I was able to buy on seller finance so I'm looking at fixing up the property before I refinance. I appreciate the education. This is scary stuff, but scary in a good way..like riding a roller coaster lol