Multi-Residential properties range from bachelorettes and row houses to low, medium and high-rise apartments all with seven or more self-contained units. To be considered a self-contained unit, a unit must include a kitchen, a bathroom and a separate entrance.
MPAC uses the income approach to value multi-residential properties. This approach looks at the annual market rental income and also considers other income that can be generated by the multi-residential property. A market analysis is completed to determine the capitalization rate, which is then applied to the net income to create a current value for the property.
Additional resources for multi-residential property owners: