Multi-family properties often provide different cap rates than single properties.  Let's take a look at some recent multi-family sales in Harrisonburg . . .

1710 Park Road, Harrisonburg = 5.1%
1986 Brick quad
Sold for $400,000 in February 2008
( ($2030 per month x 12 months) - ( $1023 insurance + $2002 taxes + $1,000 repairs ) ) / $400,000 sale price

325 Colicello Street, Harrisonburg = 10.6%
1919 triplex
Sold for $184,500 in April 2008
( ($21600 per year) - ( $658 insurance + $678 taxes + $750 repairs ) ) / $184,500 000 sale price

331 Grace Street, Harrisonburg = 3.4%
Duplex
Sold for $282,000 in September 2007
( ($1040 per month x 12 months) - ( $720 insurance + $1538 taxes + $500 repairs ) ) / $282,500 sale price

As you can see, in multi-family properties, the cap rate is not as predictable as in singe family rental property.

Related Posts:
Harrisonburg Single-Property Cap Rates
What Is A Cap Rate?