How to analyze small commercial multi family

[John Moon]

I began looking into commercial multi family 8 - 30 units. I have a criteria that i'm looking for. However, I'm having mixed feelings on how these sellers are valuing their property. My understanding was they base price based on the current rent that the property is producing. However, I'm seeing many listing that are counting vacant units and on top of that they're pricing it at market value instead of the highest rent they're currently getting. 

How are we supposed to value commercial multi-families? 

[Jay Helms]

@John Moon - offer price is simply the NOI divided by the cap rate. The difficult part of an analysis is verifying the operating expenses. If you want a second site of eyes to review I'm happy to look - Practice keeps me sharp.