Reasonable Cap Rate in Camden New Jersey

[Graylind Wherry]

Hello, I have a duplex in Camden NJ that has recently been renovated and is fully rented. My property manager has suggested an unrealistically low price based on limited comps of duplexes in the area.  I would prefer to price based on the income approach using a reasonable cap rate.  What is a reasonable cap rate for Camden NJ?

[Vincent P.]

Hello Graylind- i live in NJ but have no investments in Camden. It is a really tough area a lot of people wont invest there. Just a rough estimate would be in the high teens to 20% for a cap rate. I would assume the high # of foreclosures would lower the comps.