What CAP rates are normal in the Greater Boston market?

[Menina Rascionato]

Hi All,

I have investment property in another state, but I'm looking to get into the Greater Boston real estate market. Granted right now is a crazy time to be buying in this market, but I'm having a hard time wrapping my head around what's out there right now and the CAP rates. Most places in the multifamily market I see are practically breakeven on invest or maybe 1%. I'm used to seeing CAP rates at 8%. I understand that given the sellers market right now, finding a CAP rate that high is not feasible, but how is anyone being profitable purchasing a place that is breakeven as an investment and not an owner occupied multifamily? Also, my agent told me that I have to put minimally a 25% down payment and less is impossible in Massachusetts. Is that true??? I'm feeling lost in this process. TIA