Hi All looking a a 6 plex in Spokane. Owner claims a 8.9 Cap Rate. Does any one have a good idea of avg Cap Rate for multi family properties in Spokane.
Hi @Larry F. , I have found that different people I'm talking with locally define cap rate differently (with and without expenses, etc.) Be sure you define terms when people are throwing that around.
Since I tend to invest in the same city, monthly expenses tend to be about the same (I pay management, water/sewer/garbage, and have some lawn maintenance throughout the warm months). So assuming expenses are about equal, I focus much more on the income when I purchase here in Spokane. For investment purposes, I probably wouldn't recommend paying much more than 100x market rents (or "the 1% rule") for rentals here.
If you're ever here in town, I'd love to grab coffee and talk real estate more. Let me know!
Thanks for the input. Are you buying multi family in Spokane currently??
@Larry F. , yes, I have been actively buying since December, and keeping my eyes out for good deals. I also occasionally have multis to wholesale too, that I would keep, but sell to keep the cash flow coming in. Would you be interested in hearing when those come available?
Cap rates have been varying from as low as 6% up to 8% or so on more riskier properties.
Let me know I can help any of you in the future.
Thanks much for the information.
Looking for multifamily properties that have seller financing. Let me know if you can find a project.
@Larry F. Let me see what I can round up for you. What kind of budget are you thinking? Feel free to email me as well.
Thank you Sir
@Justin Folkins , if you have any leads, can you pass on to me as well? I'd appreciate it.
If you all could pm me that would great so I can get some contact info
Hey folks, I am looking at a property right now. Its a 20 unit and I am wondering about the cap rate. Its being sold at about a 5% cap rate but has the potential for upside to make it up to about an 8% cap rate. Is it ridiculous to buy this low? What cap rate are people currently buying at in Spokane.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing