Question on MIlwaukee Polonia neighborhood cap rates
Hi all. I'm beginning early investigation of a potential 8-unit multifamily on Milwaukee's Southside and curious what people can tell me about prevailing/ average cap rates in the nearby area which I could use to set offer price. It is in the Polonia neighborhood. The property itself is (8) units, all single bedrooms with included laundry and private exterior entrances. Tenants pay all utilities except water & sewer. Wood construction. The pro-forma listing for this property is at 9.73% cap rate, but I will be re-calculating that based on a few different estimates.