Finding Cap Rates in a new Market

[Naaman Newbold]

Hi All,

We're taking a look at some deals in a new market and we're not familiar with typical numbers like cap rates in the area, appreciation forecasts, etc. Are there any resources out there for finding some baseline metrics to analyze deals in a new market? I've found a number of pricey reports produced by PWC and the like, but am looking for a lower barrier to entry.

We threw out some previous metrics we have on our current market (Milwaukee) and our property manager and broker thought we were nuts (past couple deals in Milwaukee were 7% cap rates).

Thanks for the help!