Calculating Small Town (15K or less population) Multi Family/Commercial Cap Rate

[Kyle Kelley]

Hi everyone, 

I'm looking for some help and have questions about the best way possible to go about calculating the cap rate for a multifamily/commercial apartment complex located in "Small Town, USA" 

I am interested in an apartment complex that has 10+ units, and have some rough estimates of the expenses and income figures (the seller is not giving too much information until EMD and agreement signed, so I am working with ballpark figures) but I am trying to find out the best way to calculate a cap rate for a property like this. I have found very little in terms of researching online, any recent comparable sales of multi family/commercial sized apartment properties in the area and I am not sure how the smaller population affects the potential figures.

If any of you have had experience buying in these types of areas, small towns with populations of 15 to 10 thousand, I would really appreciate any help and feedback. 

Thanks!