New Brunswick "Multi Families"?

[John M.]

Hi everyone,

I'm working on a few deals within 2 blocks of Feaster Park (a block or two from Campus).   There doesn't seem to be any comparable properties sold within the past year, so I'm turning to BP with hopes of finding a fair-value price.  Hope someone can help!

The owners are attempting to sell at a cap rate of ~10%.  The properties only have 2 units -- so they're not really multi-families, as I would define them.  The homes are also cosmetically outdated and without property managers.  

Assuming you're familiar with the (hyper) local neighborhood, what are your thoughts on the cap rate?  These homes are not being rented to college students.

Please let me know your thoughts!

Thank you,

John