How is a small multifamily appraisal done?

[Nazz Wang]

I would like to ask a beginner question: how is the appraisal value arrived for a small residential or mixed use multifamily property? The particular property is 8 units with two store fronts. I would like to know what are the approaches for anything less than 12 units, especially when comps are scarce. I would assume cap rate is one approach, but what cap rate will be used, if no other reference sales are available? Would someone please explain to me the available approaches to appraise small multifamily properties?