In this video, I underwrite a 700+ unit multifamily property with an asking price of $75 million and a claimed NOI of $5.27 million, which the seller markets as a 6.9% cap rate.
After reviewing the T12 financials and rent roll, I uncover major discrepancies that show the true NOI is closer to $4.36 million, putting the actual cap rate around 4.8% — a difference that materially changes the valuation.
This 8-minute underwriting breakdown shows how to spot bad multifamily deals fast by verifying NOI, expenses, and cap rates before wasting time, money, or credibility on inflated numbers.
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