Cap Rates of multifamily in Akron OH

[Joe Ebanks]

I am looking at some multifamily here and would really like to see what these things are actually selling at. I cant find this information anywhere. I have seen some comps in offering memorandums but they do not include the actual figures. Usually just price/unit. I would like to look at all the recent sales and analyze the cap rates and other figures so I know what the market is paying currently. 

Can anyone help? thanks!

[Account Closed]

The problem is not just finding the sales price, it is almost impossible to find out actual NOIs.

 Cap Rates are individual to each buyer, each buyer makes different assumptions and so if you ask the buyer and seller what the cap rate was, you would get 2 different answers.  When all investors strategies are accumulated, then you have what is called a "market Cap" which reflects the overall sense in the market. I will caution you in that many of the Cap rate that you see published reflect investment grade properties (ie institutional buyers) so that for smaller properties the "delta" is very wide.

My suggestion to you is that you develop your own cap rate requirement (equity vs debt - see band of investment analysis) and then apply that to each prospective investment. Those that meet your criteria, you can explore more, those that do not, you can discard. Simple but effective. If you find that you are not getting any deals, then your model may need refinement.