I'm evaluating a vacant lot in Marin county to build a 20 - 30 units multifamily property on it.
I was wondering if anybody knew what the selling cap rates were for a new construction commercial multifamily property in the 20 unit - 30 unit range?
All I can do is go by our market which is Chicago . A properties still hovering around low 7's. I have heard of high 6's in some situations. I would check with a local CCIM to your market.
Thanks @Chris Youssi ! Good idea! I'll definitely look for a CCIM to ask.
While I’m not a broker, I’d say that Marin will command a 3.25-3.75 cap.
Far more important would be for you to research local politics. NIMBYs come out of the woodworks to fight Multifamily in Marin.
If you are looking at doing the entitlement process, expect that to last a number of years, cost a lot of money, and have a low probability of success.
Which city in Marin?
Cities in Marin county are very different from one another.
Mill valley will be different then Novato.
Can you provide more details?
Feel free to reach me in person
It can be anywhere from 2.5- 4.5
Again, depends on which city in Marin.
Hey @Noa Bloch the property is located in San Rafael inside a Multifamily district on Lincoln ave.