Maximum Purchase Price Question

[Eric Davis]

I am having the hardest time deciding how to determine this number. I have read many different options but all seem to have their pitfalls.
The first one was simply taking your NOI/Cap rate. However, I'm not paying all cash so this doesn't work. I searched through this site and found an article talking about the "band of equity investment". This doesn't even factor in the cost of the property, so could someone explain to this rookie how to correctly figure out the maximum purchase price of a commercial property? :crazed:

I should say that I am looking for a multi-unit apartment complex (around 20-30 units).

Any reading material would also be great!