12 Unit Multi-Family Property Valuation

[Ben Matityahu]

Can a 12 Unit Multi-Family property be offered for sale according to residential property rates and not NOI ?

On projected current rates and Expenses based on NOI I got a valuation that is 50 - 55 % lower than the asking price which is based on comparable residential units in the area I was looking at ... in simple terms the price is more or less justified if you sold each unit individually but if you evaluate it as a multifamily property its 50-55% less than the current suggested price .... number example 4 mil asking price valuation (Residential calculation) vs 2 mil valuation (Based on NOI Multi-Family calculation)

The property in question is a "text book" built and zoned as multi-family property no doubt... 

Which Valuation is correct for the property ? it is located in the Miami Area.... Thank you