Is This 26 Unit Apartment Priced Too High?

[Todd Keith]

Hello BiggerPockets,

Can you seasoned multifamily investors give me some feedback on this deal that I am looking at right now. 

It's located in a Class C area in Akron, OH.  

Here are the details: 

• 26 unit property (All units are 1/1)
• All units are rented out at $525/mo for a GYI of $163,800
• Onsite laundry brings in $6,000. 
• GSI (including laundry) is: $169,800
• According to the current owner Op Expenses are 26.14% of GSI.
• All units are rented, but I'm figuring in a 10% vacancy rate. 
• Running the numbers on this one, the NOI is: $108,434
• Asking price: $1,000,000

Asking price seems high to me. What do you think? 

Thanks, in advance, for your feedback

Todd