Duplex through forty units, valued on what it actually earns.
The rent roll is the asset. Everything else is a detail about the rent roll.
Net operating income on a market cap rate
A buyer underwrites the rent roll you have and the one they think they can get. The gap between them is where the negotiation lives, so it is worth being clear-eyed about which of your units are genuinely under market and which are under market because of the unit. Expenses matter as much: a T-12 with owner-paid utilities and no management fee will be re-underwritten with both.
What actually happens, in order.
- 01Value it on the real numbersYour T-12 and rent roll, re-underwritten the way a buyer will, so the price you list at is the price that survives diligence.
- 02Reach the buyers who underwriteSmall multifamily attracts a lot of tyre-kickers. Registered buyers state their price band and financing before they get financials.
- 03Sell it, or hold it knowinglySometimes the answer is that refinancing beats selling. You should hear that from the person valuing it.
Thirty to ninety days from accepted offer, largely set by the buyer's financing and how long the lender takes on the appraisal.
My rents are below market. Do I raise them first?
Sometimes — but a buyer pays for durable income, not for a recent increase they suspect will produce turnover. Worth modelling both before you push notices out.
Start with the number.
A range with the comparables behind it, so you can argue with it. No listing agreement and no follow-up sequence.
Buyers for multifamily buildings in Washington are matched from a private register, not a listings page.
Every buyer states their class, price band and geography before they are added. When your asset fits, they hear about it the same week — before it is advertised anywhere.