For the first time in over four years, there were no short sales or bank-owned property sales within Ada County for four-plexes, during a calendar month. In September, we had 6 non-distressed four-plex sales at an average sales price of $337,000. The average days on market over the past six months has been right at two months, which translates into about a month on the market with another month to close an accepted deal. Cap rates are right at 6% with an average Gross Rent Multiplier (GRM) of 117 (trailing 6 months). Using GRM for a quick valuation, that means a four-plex with rents of $3,000 per month is roughly worth about $350,000.
Cooper Canyon Four-Plexes -- Meridian, Idaho
There are not a lot of four-plexes currently listed, which is likely helping higher sales prices. If you are a potential Seller, it's a good time to list your property. With little inventory, Buyers will likely need to jump on something or expect a longer process finding something that fits their needs.
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