Typical cap rates on student housing apartments

[Albert Tsang]

I would like to understand if there is an average cap rate or minimum cap rate for student apartment investing (approx. 10 units)? The apartment is an older building (50+ yr old), so updates are expected. Due to the high demand for student housing in the area, it seems the cap rates are generally lower than a typical non-student apartment complex because of the presumably more stable demand.