Multi Family Deals - Looking for a CAP rate thats attractive

[Adrian Salazar]

Good evening BP community! 

I was making this post to see if anybody has ever bought 8 units plus in any of the Rio Grande Valley cities like McAllen, Brownsville, Edinburg, Donna, Harlingen, Mission, Weslaco, etc. 

If so, what CAP rate did you purchase at and what do you consider to be a good price per door or CAP rate in cities in the Rio Grande Valley?

[Account Closed]

It depends on the numbers. Most of my buyers don't want anything under 40 units, and CAP rate alone isn't enough to move them.

What everyone wants is a poorly managed C-prop with value-add opportunity. If you have something built in the 80's or prior, hasn't been upgraded in a while, and has rents below market rate...then chances are I can find you a buyer fairly quickly.

Otherwise, it all depends on what value can be made after the sale. I don't have anyone looking to just buy and hold a stable asset.