Cap Rate for a location, property

[James Knight]

I am evaluating several commercial real estate deals involving medium size apartment complexes near some colleges. The property is listed at 699,000 and is a 16 unit complex. The GRM is an 8.03 and the property is in need of some renovations. I'm trying to figure out the best way to determine the CAP rate in the area. The property is in Hammond, LA. Any and all help, tips, information, reading materials would be greatly appreciated.

Thanks in advance.