Does anybody have access to multifamily cap rates by borough (Manhattan/Brooklyn/Bronx/Queens/Staten Island)? All I can seem to find are generalized NYC cap rate trends.
If possible, I am looking for 2023 numbers, current rolling numbers (2024 YTD / 12-month rolling), and 5yr forecasts.
Cap rate info broken out by borough (Manhattan/Brooklyn/Bronx/Queens/Staten Island), ideally on properties ranging from 10-50 units. Preferably, the properties contain an affordability component (Rent Stabilized/Rent controlled).
You do understand that there isn't some central authority that "decides" on cap rates, right? This isn't SOFR... every property is going to be different depending on the quality of the asset, location, rent roll, and a thousand and one other factors.
When you asked this question and thought "I don't want 'generalized" cap rate trends" what is it you thought you'd get? A magic number?
Another day another pretentious Ozzy comment. You're a grown ass man why don't you take that stick out of your ass
Is your main purpose on this website complaining about Ozymandia posts?
Everyone needs a hobby, I suppose.
I do understand that - I should have been more specific.
I am looking for cap rates on multifamily B/C props (quality) by borough (location). Ideally unit count falls between 10-50 (RR).
It does not have to be exact, it can be a list of ten recent transactions.
Ask a few different brokers who deal with the product type. They will be able to give you a list of cap rates on their recent transactions.
Appreciate it - I spoke to a few appraisers at CBRE, they came back with some solid info.
Appraisers can be biased FYI, look at Costar or Property Shark.
I have access to REIS, which did not provide cap rate info by borough (only by NY Metro market), which is why I came here.
Had been looking for CoStar access, I will take a look at Property Shark, thank you.
CoStar and Property Shark have data, but it should absolutely be never treated as fact without verifying the information for yourself. They simply aggregate data from brokers who have their own agendas. Most times when you look at the set ups on CoStar, they are missing expenses that would typically be present and overstate NOI. And - CoStar includes fake data in their data sets which they use to sue people if they use the information without paying for a license. Every data source should be assessed for its credibility before presenting it as fact.
I have been vocal about the shortcomings of the appraisal industry, but while appraisers can be biased, the real risk of relying on them for market data is they tend to look backwards at data while the rest of the industry tries to extrapolate forward. Naturally, there is going to be a lag or disconnect in their analysis.
Best bet is to find as many data points as possible and then determine what information most accurately relates to the property you are looking at.
If prime Manhattan 100% Free Market building - 5.5%
If stabilized Bronx crumbling POS building with AR issues - 7%+
That's value add baby. 4.25%
If you know someone buying at 4.25 caps, I have 30 buildings I'd like to sell lol
Thank you
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