In NYC, cap rates are hyper local and vary from under 2% in high end Manhattan neighborhoods, to about 5.5% in parts of the boroughs.

Looking for advice.In my neighborhood a condo going into auction on auction.com.

We are getting the 120k in additional equity is based on 30 day comps in our neighborhood.

The property is listed for $275,000 and is in a decent neighborhood with low to moderate crime.

It's had good results so far and we generally sit around for a few hours and talk shop.

@Delmas Edwards, betcha if you shopped around you could get it done for about $1,500--2k. 

Went and looked at a great house... total turd in a nice neighborhood... 

They can even give you more detailed information for each neighborhood and how long properties are staying on market for each.

At this point there is a massive area of cleared land and a gang of earth-mover tractors and a few of the construction company signs visible.I can't really estimate the size of the clearing but it looks like it could be a huge shopping center or maybe just a massive warehouse.What I want to know is how would I go about finding out what is being developed on this land before its completed?  

Yeah I think next year I may shop my business around.