What Cap Rates would make the property attractive?

[Arun Iyengar]

Cap Rates and GRM (Gross Rent Multiple) set the stage for pricing a property. As interest rates decline, Cap Rates tend to go down and GRM tends to go up., and the pricing of the Multi-family apartment reflects this. I live in the pricey San Francisco Bay Area and find Cap Rates to be well below 5% and GRM to be above 15. Question for people buying in other areas of the country - what constitutes a good Cap Rate and GRM for you to buy?