Cap rates for multifamily investing

[Mansoor Ahmad]

I am looking around in the midwest for my first multifamily apartment. I am seeing several multifamily apartment complexes, usually 6 to 8 units. The cap rates I am calculating appear around 5%.  

Example: Property listed for 475k, NOI: 27k; Cap rate 5.6%

What numbers would you consider investing in? What are good cap rates for multifamily apartments