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pkbarnhart
Guest
For those of you who do appraisals on 2-4 family units I have a reasonably generic question. What are the ranges of GRM's that you find in your market area?
The market I live in has had very few 2-4 unit sales in the past several years and I have recently been asked to appraise three different duplex properties. The properties are all less than 5 years old, have about 1100 sf of living space, 2 bedrooms, 2 baths and either a one or two car garage. Previous sales have GRMS ranging from 83 to about 90. The last sale of a similar property was for $125,000 with Gross Rents of $1500. I am just isolated enough that I have no idea what ranges of GRMs there are in the rest of the country. Any feedback would be greatly appreciated.
The market I live in has had very few 2-4 unit sales in the past several years and I have recently been asked to appraise three different duplex properties. The properties are all less than 5 years old, have about 1100 sf of living space, 2 bedrooms, 2 baths and either a one or two car garage. Previous sales have GRMS ranging from 83 to about 90. The last sale of a similar property was for $125,000 with Gross Rents of $1500. I am just isolated enough that I have no idea what ranges of GRMs there are in the rest of the country. Any feedback would be greatly appreciated.