What is my property worth in Suburban Philadelphia?

[Sudip D.]

First time posting here, thank you for the advice in advance.

I acquired a 6 family in Montgomery County PA in 2017. One of the best features of this property is it is one building but two deeds (3 apartments on each side), so you can get two conventional Fannie / Freddie mortgages on it and not have to go commercial with all of the fees and higher rate. I figured this out while buying the place and the sellers had no clue. I jumped on it right away.

The units are all 1BRs, and I have updated 4 of the 6 units. I have also taken care of all deferred maintenance - coated roof, new gas boilers, and water heaters. Lots of other stuff as well.

I acquired the property in the $550-$580k range. At that time, the rent roll was $54.6k annually and NOI was $39-40K (~7.25% cap rate). The rent roll today is $67-$68K and NOI is $51k - $52k. The expenses are very low for this property and though an old 100 year old property it is turn key as I have taken care of all deferred maintenance. The next owner can update the remaining 2 units when tenants leave and increase rents to $72k - $74K easily.

I am looking to list the property early next year. I have spoken to a few brokers and I am getting ranges all over the place. The regional commercial brokers who are selling 6 - 500 unit properties in the area are telling me $800k+ range after doing full underwriting on the numbers and taking into account vacancy, reserves, PM, etc. The local realtors who are mostly dealing in SFR, duplex, and triplex are telling me $725K - $750K. Their analysis is mostly based on per unit comps.

The regional brokers are telling me that MF is really hot and they can get investors from all over the country interested. The local relators know every SF / Duplex / Triplex deal in the market historically so I cannot discount their opinion either.

Just want to get folks opinion on how to figure out right value and who potentially to think about listing it with.