However I did not see a cap expense estimate in the calculations.  

In orlando right now, hard to find a cap rate above 8%, so I usually encourage people to look at the cap 5+ especially if they are in a c+area or an area that is headed towards gentrification.

Then that’s the value of the property.Let’s say NOI is 50k. 50000 divided by say a cap rate of 6 (.06) gives a value of 833k

NOI 38k gives me a cap rate of 12%.

@Greg L.Cap rates are inversely proportional to prices.Falling cap rates means prices have risen.But, you also have to remember, a cap rate might be tight in year one, but rents would be expected to rise over time.Unlike residential properties that look at year one cash flows, commercial properties go out several years and include appreciation and sales scenarios.

As a seller, I hope it becomes the new norm for a little while...WA is considering a cap gain tax, so I may move my exit timeline up a year.

Cap rates can be used for an estimate for selling the property when you get out of a deal, but if you truly want to know what your yield is you need to base it off of your internal rate of return (ie the interest rate your equity investment is paying you)Cap rate I use it as an initial “go/no-go” on a property but I would not buy a property based just off a cap rate

Typically what I end up seeing is banks willing to loan 80 of the Appraised value but with a cap at 90% of whatever you have into the deal. 

I am brand new to REI so please forgive my ignorance with the question I’m about to ask...Why would you want to take that much depreciation (a little over 20% of the purchase price) if you only expect what I will assume is only a cap rate of ~10%?

I'm looking to achieve a cap rate of 8 or better with cash on cash returns of at least 12%."