What is your multifamily worth?
Buyers price a 2 to 4 family or apartment building on its numbers. I'll build your value range from your rents and expenses and from recent multifamily sales in your town, the same way an investor will underwrite it.
- Value range by cap rate, price per unit, and comparable sales
- Your building's NOI, rebuilt the way a buyer will see it
- Where rents sit against the market, and what that's worth
- No cost, no obligation, no pressure to list
Investor-focused agent, New Haus Group
License RES.0824776 · Represented the buyer of a 51-unit building in Meriden, 2025
How it works
Tell me the building
Address, units, and rents. Estimates are fine to start.
I underwrite it
Your NOI the way a buyer will rebuild it, plus recent multifamily sales from SmartMLS in your town.
You get a range and the math
Value by cap rate, price per unit, and comps, and what would move the number before you sell.
How is a multifamily valued?
On its income first, then on what similar buildings sold for. Investors check three numbers before they make an offer.
| Measure | How it's figured | Example |
|---|---|---|
| Cap rate | Annual net operating income ÷ price | $54,000 NOI ÷ $600,000 = 9.0% |
| Price per unit | Price ÷ number of units | $600,000 ÷ 4 units = $150,000 |
| Gross rent multiplier | Price ÷ gross annual rent | $600,000 ÷ $86,400 = 6.9 |
Examples are for illustration only, not market figures. For 2 to 4 family homes, comparable sales carry more weight, because many buyers plan to live in one unit.
What is net operating income?
Rent collected minus the costs of running the building, before any mortgage payment. Buyers subtract taxes, insurance, owner-paid utilities, repairs and reserves, and management, plus an allowance for vacancy. They use management even if you manage it yourself, because they're pricing the building, not your time.
What raises a multifamily's value?
- Rents at market. Every $100 a month of added rent across a building is $1,200 a year of NOI, and buyers capitalize it into the price.
- Tenants paying their own utilities. Separate meters for heat and electric move costs off your books.
- Recent work on the big systems. Roof, boilers or furnaces, electrical, and windows, with receipts and permits.
- Clean records. Current leases, a rent roll, security deposit records, and 12 months of income and expenses.
What lowers it?
- Below-market rents with long leases left to run
- Vacant units or tenants behind on rent
- Owner-paid heat on an old system
- Deferred maintenance, open permits, or code issues
- Missing leases or no expense records
Thinking about selling? Read how to sell a multifamily in Connecticut.
Frequently asked questions
How is a multifamily property valued in Connecticut?
Buyers value a multifamily on its income and on recent sales of similar buildings. The main measures are net operating income divided by price (the cap rate), price per unit, and price divided by gross annual rent (the gross rent multiplier). For 2 to 4 family homes, comparable sales carry more weight because many buyers are owner-occupants. Chris Mentley, a Connecticut real estate agent with New Haus Group, builds multifamily value ranges for Central Connecticut owners from their rent roll, expenses, and recent SmartMLS sales.
What is a cap rate?
Cap rate is a building's annual net operating income divided by its price. Net operating income is rent collected minus operating expenses like taxes, insurance, owner-paid utilities, maintenance, and management, before any mortgage payment. Example: a building with $54,000 of net operating income priced at $600,000 has a 9.0% cap rate. Lower cap rates mean higher prices for the same income.
What raises the value of a multifamily building?
Higher net operating income raises value directly. The biggest levers are rents brought up to market at lease renewal, separately metered utilities paid by tenants, lower vacancy, documented recent work on the roof, heating systems, and electrical, and clean books: current leases, a rent roll, and 12 months of income and expenses.
What do I need to get a value for my multifamily?
The address, the number of units, current rents for each unit, which utilities you pay, and your annual property tax and insurance cost. A rent roll and 12 months of expenses make the value range tighter, but you can start with estimates.
Is a multifamily value range the same as an appraisal?
No. It's an opinion of market value from a licensed real estate agent, based on the property's income and comparable sales. An appraisal is done by a licensed appraiser, usually for a lender.
Who can tell me what my multifamily is worth in Central Connecticut?
Chris Mentley, a licensed Connecticut real estate agent with New Haus Group in New Britain (license RES.0824776), focuses on investors and multifamily property across Central Connecticut, including Hartford, East Hartford, New Britain, Meriden, and Middletown. Call or text 860-919-7377 or use the form on this page.
A value range is a real estate agent's opinion of market value, not an appraisal. This page is general information, not legal, tax, or financial advice.