CAP RATES for evaluating a properties value

[Kyle Woodruff]

Hi Everyone I hope all is well

I am in in a tough spot. I am trying to determine what my property would be worth if I raise rents and do some value adds. But I'm coming up with a number that is way higher than I deserve for the potential evaluation of my property. 

here is how I see it in my head and please correct me where I am wrong: 

properties surrounding the auburn area for 2 bed 1 bath are on average for 950. If I put the two bed 1 bath rents for 800 that is 2400 for those ...the studio I am adding will be another 650

So 3150 for apartments ..
With 13 storage units at 55 that is 715 a month but I am adding a larger 14th unit that I will rent for 150 but let's say 100 bringing the total to 815 for storage

So 3150+815 =3965

In a cap rate appraisal you exclude the mortgage, tax, insurance and cap Ex

So expenses are ..
Heat 200
Water 75
Trash 75
Landscape/snow 75
Repairs 120
Vacancy 120
Miscellaneous 200

That's 865 in expenses but let's say 900

So 3965-900= 3065 in profit (noi) x12 months in a year=36780

You divide that by the market cap rate..which I am going to use the most recent data of 7.45%
36780÷0.0745=493,691

can't be right. No way...someone please save me from myself ...thanks everyone