A realtor suggested to make an offer based on a cap rate of at least 10--not sure if this works for duplexes.

When I evaluate a property, I target a CAP rate between 9-11%.

I know my NOI and have set a price with a cap rate, but I'd really like to know what the cap rate for my zip code/area is on this rental.

I'd reach out to the accountant and request it be re-categorized or explain why it wasn't listed as a cap gain.

Not to be nit picky, but it's easier to understand that your income is the same as cash flow after all expenses, your Net Operating Income ("NOI") is:PGI (Potential Gross Income @ 100% Occupancy)Less: Vacancy FactorEquals: EGI (Effective Gross Income)Plus: Other Income (signage, laundry machines, etc...)Less: Operating ExpensesEquals: NOINote: NOI does not include CapEx, Financing or depreciationWith a cap of 10% and asking of $455k, your NOI SHOULD be $45,500 (give or take).  

It includes expenses that are not in NOI so you cannot get a cap rate without a correct NOI.

From what I understand CAP Rate = NOI/Cost Basis.The price is $1,700,000.00 for a 28 unit property and they are advertising a CAP Rate of 7.46%.  

Yeah one of my clients is fixing to assume a 7 million construction loan from a bank that has a cap of 3 billion being bought out by a bank with a cap of 13 billion.The larger bank is in growth mode.

Most won’t have a clue even what a cap rate is. 

You will still apply a CAP to the RV numbers, but remember you CAP the net, so you need strong and accurate income and expense numbers to go from.