How to determine market cap rates

[Dovid Staples]

Hello BP! I have a question that I'm sure is as newby as it gets. I found a six plex in n the Phoenix az metro area, called the owners, had the current income and expenses emailed to me and began to do the numbers to determine the value of the property. My preferred method I think is using ROI and cap rate, but I can't figure out the cap rate I should use to determine that. The cap rate for THIS property at their asking price is 5.3. The cap rates of other properties currently for sale in the area seem to average about 7.1, but I don't know where to find data on SOLD multi-family properties online more recent than 2014 or how to narrow down the data to the parameters of the property I'm looking at. Your guidance is appreciated!