6 unit Multifamily not Selling
Hey guys, I was just looking around at real estate around the Bristol / Southington area and saw this 6 (says 7 in description but listed as 6) unit multifamily in Terryville. It claims to be turnkey and is 100% rented right now, at a 10.7% CAP rate and is relatively cheap. On paper, it seems like a good buy, but it has been for sale for 2 months. I don't have a lot of experience, but with the one property I bought, it ended up off the market in a couple days with multiple offers.
Is there something I'm missing here on why it hasn't sold? Do people just stay away from the larger multi families due to the difference in financing? Link included below:
https://www.loopnet.com/Listing/220-Main-St-Terryville-CT/15205487/