So there's simply no comparison. 

So you may be pleasantly surprised at what your true numbers might show when you combine tax savings, the opportunity to invest that tax for a return,  and the comparison between DST and REIT returns.

In-place cap rates aren't a viable comparison metric unless you are comparing finished product.  

Get your appraisals in the late summer or fall because they will have fresh data for comparisons.

In fact to provide support for you Income Approach (NOI/Cap Rate = Value) to value is your Sales Comparison Approach which would be measured by a price per unit or square foot of comparable apartment buildings.

Need 10% in the equities market to account for risk and taxes for comparison.

However, it's not really an apples to apples comparison. 

BP has a spreadsheet or two I believe that will help you out.Might be hard to project IRR for a start-up to do an apples to apples comparison....Also don't forget the transaction costs to dispose of the property in your calc (selling costs). 

Let's consider this comparison:$100k property in both an OZ and non-OZ.

As ARV is determined by comps, I gather my comps and then perform a sales comparison analysis on them adjusting them for feature values.