Chicago isn't quite as expensive as Manhattan, but its not that far behind!

Assuming the calculations were performed the same, a property in Manhattan with a CAP of 5 might be quite attractive, while a similar property in Cleveland would be considered over priced at that CAP rate.As a final note, CAP rates are used most commonly when dealing with commercial real estate.  

Hi Brian,On Nov. 11th in the evening there is a Manhattan Beach FIBI event and here are details http://www.meetup.com/fibisouthbay/events/21057992...I hope to attend, (I've got a family too & am juggling logistics).  

I'm going to attend a FIBI Manhattan beach event soon.  

Welcome to BP @Aaron R. there is one BP meet up in Manhattan next Mondayhere is the linkhttp://www.biggerpockets.com/forums/521/topics/155941-november-17th-2014-nyc-meetup-in-manhattan?

I saw that there is a meet up in Manhattan tomorrow night, I hope to see some of you there!

BP Community: I am new to BP but not to real estate. I have been in the business and worked as an agent for over 6 years, closed over 250 deals in sales (Co-ops and Condos) rentals, multifamily and development sites. ...

I live in Manhattan, so clearly I'd need to look outside the city for properties.

And in the Manhattan neighborhood where I live, average rent is $2521, median household income $38,035 or $3169.58/month, or 1.26 times average monthly rent. 

I Live in Manhattan and am looking to invest in a small multifamily property no more than about a two hour drive from the city.