High market and Multi-family

[Tejas Kotecha]

Hi all, 

I have a question regarding value of Multifamily. 

As I understand one use cap-rate to value a multifamily property and not comps. So, I wonder how does an up market, impact multifamily values. 

Is it just high rents resulting in higher NOI so resultant valuation is higher or there are other factors at play?

Thanks