Cap Rates for appraisals in Syracuse, NY

[Mark Costa]

Evening BP,

Has anyone gone through a commercial refinance/purchase in the Syracuse, NY area within the past few months for a multifamily apartment building? Specifically, I am looking for someone who has financed 5+ unit properties. If so, what cap rate and assumptions did the appraiser use? I am looking at perhaps doing a BRRR type strategy on a MFH and want to be able to estimate what the ARV will be.

Thank you.

[Seth Williams]

Hey Mark, up in cuse right now strange enough. Check out IRR.com they do a great job with cap rate reports and overall rental real estate reporting for any major area. Should help you out.

That being said, I wouldn’t only judge off cap rate, id use as many approaches as you can since cap rate is sort of fudgable. In my opinion.