I just saw a new Starbucks build listing come up for $1 mil with a 20 year ground lease that has a cap rate that would breakeven the initial $1 mil cost in 20 years.

I just had a roofer check a leak back there and the roof doesn't have the proper pitch to drain water...it's essentially flat and the house is a Cape Cod so water has made a mess of things over the years.

I suggest you request someone from the local REI group who has populated a cap expense worksheet to share it with you.  

Why do you want a cap?

I am unclear as to when to use NOI and Cap Rate to analyze a rental property.  I am thinking of duplexes now - what is the best way to evaluate?  Is the cap rate method only for multi units over 4?

@David Braylark Jr. in the condos that I own, I pay the utilities and put a cap on it.  

It will specify whether taxes can go up unlimited or may have a % cap.

I'm an investor in Harwich and I've recently organized a Cape Cod REIA.  

If those don't exist, I think that a cap rate using 3 unit buildings if available could help you determine the market cap rate and a fair value.

We are looking for b rated, 10-50 unit buildings with a cap rate of 4.5 and a GRM between 12-14 .