Evaluating Cap Rate on a 4plex

[Alex Hymanson]

Hi all - found an off-market deal and wanted your help in determining an appropriate offer.  The property is a 4plex and comps are hard to come by in this area, so would like to understand the typical Cap Rate in the current interest rate environment so I can begin negotiating.

The 4plex is in Tyler, TX which is about 100 miles east of Dallas.  It's a C+/B- class property.  Each unit is a 2/2 and 1000 sq ft.  1 of the units is fully updated, 1 of the units is partially updated and the other 2 units need to be updated.  They are all currently rented.

Let me know if you need additional information to help.  Thank you in advance!