Bad appraisal - what are my options?

[Shawn Loftis]

We have a 4-plex in commerce city, colorado (80022) that we purchased in 2015. I tried to cash out refi this year but the appraisal didn't work out. 

I'm hoping that someone could point me to a lender that will use a gross rent multiplier for a cash out refi in the area. Or give me other ideas / options. 

I feel like the property would have multiple offers the first week if I listed it at $600k (which I wouldn't do) but the appraisal came back at $425k. They are saying based on comparable sales (which there aren't many in this location) it is worth $425k - based on gross rent multiplier is it worth $528k. They didn't blend any of those numbers. They just flat said it is appraised at $425k. For the refi numbers to make sense we need it to appraise for $600k. We are getting $4500 month rent on the property in Denver. They said I should be getting $4800 a month for rent based on comps, and still said it was only worth $425k!?!? (If you are in the Denver market that should feel like a different planet) 

There is nothing remotely close to listed in denver (even in adams county) for less then a gross rent multiplier of less than 130 times monthly rent. I feel like everyone walked away from reality on this appraisal but I'm not sure what I can do about it. 

I owe $240k'ish @ 4.5% - for it to make since on a cash out refi (around 5.75%) we were hoping to get $170k out of it. Else I would do a HELOC or 2nd on a different property if I was only going to get $70k or so.

Do I have any options? They are limiting the comp area to west of Quebec and north of I-70 and just to get 4 they have to go back a year. Nothing is really going up for sale in this area that matches this property. Would it do me some good to call around to local banks in that area? Just looking for a way forward.

Thanks!