Investor · Kingston, WA · Member since 2008 · 1k+ posts · 1k+ votes
I've got a 4-plex in Silverdale WA that we are considering selling and looking for guidance on how to price it. Does anyone have any sale data or CAP rate guidance for central KItsap County on 4 unit properties?
Not much around there to compare to. There was an 8-plex that just sold on Olympus for 7.27%, originally listed for 6.34%, not sure I believe the stated NOI/GAI. Most of the other stuff I have seen are duplexes in Bremerton going for/went for 5.51%-6.36%. Unfortunately I am only looking at listings/sold and haven't seen much going on from the people I know.
I was wondering how you're coming up with those valuation percentages, or rather, what you mean by an 8-plex going for 7.27%. I'm not following how that articulate to a dollar value?
I have a 2-plex in Bremerton and interested in getting more in the area, so I would like to test that valuation method out. Thanks!
7.27% was the cap rate based on the NOI and sales price of the property. I got the numbers from the MLS. Unfortunately I have no way of knowing if the NOI is accurate, and generally the information of the MLS is suspect at best.
There are quite a few duplexes available in Bremerton right now. So you should be able to find something that fits your needs/price.
Oh yeah, I don't know why the CAP rate didn't click.
I have been eying the inventory out there. I'm hoping to be in a position to make a play at a larger property 6-12 units sometime around the end of the year.
@Bob Malecki If you are coming to the meet up on Monday- I would love to hear more about your 4 plex. So many people looking for multi family around Kitsap. Hope to see you soon!
I have a 4plex in Bremerton I plan to sell. I spoke to my realtor and based on my current rents, pro-forma and long list of buyers, I should be getting a good price. There is not very many comps sold to compare.
@marlondeppen
how are you looking for your 6-12 units? I am looking for an apartment building also.
Hi, I’m not looking to hard right now, mostly just seeing what sells and for how much. Once I do start looking it will probably be throfh meetups, local agents, and driving around.