Build vs Buy & Renovate mutifamily in California

[Brad S.]

On moving from Bay Area to Sacramento the multi-family market here looked a lot better, but after analyzing a bit more I am realizing that the cap rates are not significantly different and come along with a reduced appreciation upside. The big difference i see here is abundance of land available to build something new in Sac valley vs in Bay Area. Assuming I am looking for a 40 unit property and plan to hold it for long term (20-25 years), wondering what other think of building a new multi family vs buying and updating an old building, at what point (maybe in terms of $ per square foot) it make sense to build instead of buying old. I would guess new building will have less maintenance for first 15-20 years vs an old one, which should make up for the difference in terms of money and time, but I haven't read much on people building new on bigger pockets (which btw I believe in like religion) makes me wonder what am I missing.