You are probably not going to find cap rate comps for this asset class.  If

@Canneton Howard so I respectfully disagree with your classification of tenants who pay $200 less than market rent as "good tenants".

If you have another partner in an LLC you will have to file a Partnership tax return unless you complete an entity classification election and classify as a different type of entity.

Dealer classification also prevents you from using 1031 to avoid capital gains taxes.

Did you take the CHA class? If

You'll get a detailed description in 30 seconds of the slotted uses for that particular zoning classification.

The course only happens once a year but they will schedule another class if there is enough interest.

I'm quite familiar with a 1031- but you're claiming this property to be a rental property, when it is not truly in fact because classification, when it comes down to it, is determined by intent and common sense.

Also, depending on the site and zoning restrictions, construction costs may vary due to building classifications. 

@Sachin Bhat Makes sense...running numbers is pretty straightforward with the asset class...if it's of any help Frank Gallinelli's company Real Data has some pretty good courses and resources for newer investors in the MF market...dry, but good.