Gross Rent Multiplier Miami-Dade - Where to find current amounts?

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Hi, I am trying to find what the average or standard rates are for Gross Rent Multiplier (GRM) in the Miami-Dade area (North Miami) - can anyone guide me as to where to find this information? I am trying to value a duplex in North Miami and I have been told to apply the GRM to the rents in order for me to value the property. Any help is appreciated. Thanks

In my experience, no one uses GRM in Miami for small multi families. The best way to value is to run comps. This will usually give you the highest value. You can also use NOI.. I would say for a decent safe area in North Miami use 6-8% and for a rough area use 10-12%.. Divide NOI by .08 and .10 to get a rough value based on investor return. Make sure to include all expenses and V&C (3-5% usually) also factor in management if you are not going to manage it yourself.

for example, NOI is $20k per year value would be $250-$330 for a good area and $166k to $200k for a rough section of N. Miami. Comparables will give a more accurate price though.

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