Cap rates in Tremont / general market temperature

[Phil Miro]

Planning to sell my investment property in Tremont (very close to the Christmas story house) - wondering what cap rates are you folks seeing nowadays for a fully stabilized fourplex (no deferred maintenance, everything is done very well, long list of improvements, solid long-term tenants, etc) with two SFHs and a up-down duplex on one lot? I know it's all highly situational in Cleveland, so even a general idea would do very nicely.

Thanks in advance, everyone! 

[Nicolas Looman]

I think you'll be in luck with a 6-7% any more and you're leaving money on the table for your clients or yourself (idk if you're an agent or own it or whatever). Run the numbers and keep upping that price where the average investor can at least see a net zero with property management riding on it. (about 10% and in Tremont some will do 8 or 7%). Identify your buyer and what a reasonable buyer is capable of and the rest will work itself.

A seasoned investor will know the appreciation over time with a no headache property is worth it. I see a ton of listings that have unworkable price numbers and that's why they sit on the market for a billion days. They're almost looking for someone to cash buy to see some sort of return. That is certainly a smaller pool and in smaller pools you catch smaller fish. 

Hope this helps!