Current cap rates? Considering Sale of my 4-plex

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I have a fully rented out 4-plex generating a solid return, but am looking into buying a primary residence in California and will need the money for a down payment. The amount of equity I have in the investment property is a big factor in whether or not I am ready to sell so I am trying to get an idea of what the market looks like right now for a small multifamily (4-plex) in downtown phoenix.

The property had gut rehab when I purchased 4 years ago and is modern and in great shape, and has been consistently fully rented out. Does anyone have an idea of what current cap rates look like?

Thank you!

Well, while an investor will look at the potential return....4 plexes aren’t valued by income stream but by comp sales, from an appraisal view anyway. 

If you're located in North Tempe or Scottsdale and it's renovated, I've seen comps trade at well north of $170K a door. If you're in North Phoenix or Glendale, low $100K a door seems about right. 

They can vary pretty wildly from one street or one block to the next in DT Phoenix. Some areas are trading at sold "A" cap rates, while others dip to "C" caps. Even for C props you're still likely going to be above $100k/door, and my highest sold property was over $220k/door for a truly A class property just off the Central and Camelback corridor. 

Cap rate and price per door, as long as the comparison is apples to apples. Look for building with similar unit mix and unit sizes. If your building consists of four 2x1 units each 750sqft, then compare to other buildings with same/similar unit mix (or extrapolate a price per door from the sale of a larger complex but with same unit mix). 

Or look at the cap rates and if the prevailing rate for sold properties is 5%, then be able to justify why yours is worth more (a lower cap rate).