How do I find out the market cap rate in a submarket?

[Zack Eastwood]

How do you evaluate the cap rate of a market? How do you adjust the market cap rate based upon the asset class?

For example:

The market cap of the Orlando MSA according to the National Association of Realtors is 4.5 in Q4 2021. How can I find a more accurate cap for an unpriced asset in a submarket of Orlando (for example)? Also, how would I adjust for the different asset class, A B C class area?