Multi Family Cap Rates and Valuation?

[Andrew Gingerich]

Am I doing my math wrong? There is a 14 unit in my town listed for 3.6 million and a 30 unit listed for 4.1 million. 

Gross rents on the 14 unit are probably 21000 per month or 252000 annually. If I assume 45% of rents are going to expenses I get an NOI of 113400. At a 7 CAP the valuation should be just under 2 million. Yet it's listed for 3.6???

On the 4.1 million multi family I get 360000 annual gross. 55% NOI would be 198000. At a 7 Cap it's worth 2.8 million. Not 4.1 million.

What am I missing. Is it common to go to brokers with your own analysis and says... look this is what I can pay and it's much less than what you think its worth? Or, can you show me how you valued this property based on income? I haven't even asked for financials because they seem so far away from value. Both listings are being listed directly by the PM company that manage the buildings. Two different PM companies operate the two properties.