C class MF with a 4.77% Cap Rate?

[Trent Barga]

I'm looking into a 36 unit MF (2/1) that the listing agent has labeled as a C class property but with a 4.77 Cap Rate. I own 3 SFH rentals and I'm a local agent. The MF is in the town I live so I'm familiar with it. Smaller town but the unit have been well maintained so deferred maintenance there. 25 of the 36 units are below market rent. Most of the units could use updating but are not horrible. No room for value add.NOI is around $180k

Typically a C Class property would be a higher cap rate like 6%+. Is this just the case of the agent labeling it the wrong class or is the cap rate off?