Feedback on commercial multifamily

[Dan O'Neill]

Hi,

Looking for some feedback. There is a 8 unit property in my area. The list price is 723k and the agent has stated that 80k is considered the value of vacant land which is being sold with the buildings. If I take out the 80k and only consider the income producing portion, we have 643k. She has stated it is a 10 cap. However, when I look at the financial info she provided, none of the gross rents for the past 4 years even reach the 64.3k let alone the NOI's. Unless I am missing something, it seems like this property is way overpriced. Is overpricing to this degree customary in the commercial space?