Spartanburg Cap Rates

[Junior Salters]

Hey guys and gals, I'm looking at purchasing a multifamily property in the Upstate of SC (Greenville and Spartanburg specifically) and was wondering what other investors are seeing market cap rates at. Had an 8 unit property marketed to me at a 6.5% cap rate which seems very low and isn't even a B or C+ Property. Any thoughts or suggestions would be great! Jr

[Jonathan Twombly]

@Junior Salters The upstate is a hot area these days.  Cap rates are very compressed.  I'm surprised, though that the cap rates are so low for such a small property. 

Is it a C or C- property?  That really strikes me as low.