CAP rate question

[Henry Hsieh]

Lately I have been studying the multifamily property market and I continue to see cap rates between the ranges of 5-8% within 6-8 units around where I'm looking to target my investment.  

Now the numbers that's displayed publicly are mostly "pro forma" and not real numbers and everyone's talking about potentials.  The cap rates themselves from their ads don't include the cost of a commercial mortgage in their calculation.

Now commercial loan rates that I'm seeing are at minimum 6% and higher.  Maybe I'm not seeing the complete picture, but why would anyone buy these multifamily properties just to break even or just make a 3% return and not invest in another vehicle?  Am I missing something here or is the BS meter is at an all time high?  Thoughts please, thanks.