First 27 Unit in PHX, AZ

[Connor Stark]

My partners and I are in escrow on our first multi family property in Phoenix, AZ. We are looking for some guidance or recommendations on how to accurately find the ARV.

To keep it short and sweet, here are some of the metrics:

Purchase price = 2.1mm

All-in cost = 2.81mm

Current GSI = 163k

Pro forma GSI 260k, NOI =174k

For now we've been using a 6% Cap as a way to estimate the ARV. We've asked agents for comps of other sold properties, but we're curious if anyone has solid input here.

The majority of the building consists of studio units and the numbers we used for our proforma/construction costs were fairly conservative.

Thanks!