The Tony Stephan Show · Episode #013

How Much Can I Pay For This 33 Unit Apartment? (Deal Breakdown)

With Tony Stephan · February 19, 2026 · 18 min

One of Tony's clients sent him a 33 unit apartment in Florida that is publicly marketed by a national brokerage. It was built in 2023 and all units are one bedroom, one bath. Tony opens the offering memorandum on screen and shows what matters in a document that runs about 60 pages.

The listed NOI is about $298,000 at a 6.79% cap rate, which puts the value around $4.39 million, so the price is appropriate. The broker assumes 30% down, about $1.3 million. Tony explains what a cap rate really means and why he does not buy for the going in return: he wants to force NOI up and refinance his money out.

From the rent roll, four of 33 units are vacant, rents run about $1,175 to $1,400, and the broker puts market rent at $1,500. Tony estimates a $150 gap. His quick test: 33 units times $150 times 12 months is $59,400 of new NOI, about $848,000 of value at a 7% cap rate. For $1.3 million down, he wants at least a million dollars of equity growth, so he would pass. He still sees operational upside in other income and utility bill backs, and he questions the 12% vacancy factor in the pro forma.

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Key takeaways

1. Most of an OM is marketing. Find the units, NOI, cap rate, price, rent roll and expenses.
2. NOI divided by the cap rate tells you if the price is appropriate. Here it is about $4.39 million.
3. A cap rate is the return if you bought in cash. Tony buys to force NOI up and refinance, not to hold at 6.79%.
4. Quick test before full underwriting: units times rent growth times 12, divided by the cap rate.
5. Tony's rule at this size: at least a million dollars of equity growth for the capital put in, or he passes.
6. Check the expense ratio. Small multifamily rarely runs leaner than about 30% to 35%; 40% to 50% is typical.

Chapters

1. 0:00 The Offering Memorandum
2. 1:34 NOI, Cap Rate and Price
3. 2:20 On Market vs Off Market
4. 4:07 What Cap Rate Really Means
5. 7:19 Photos, Utilities and Laundry
6. 8:59 The Rent Roll
7. 9:46 Units Times Rent Growth
8. 11:28 The Million Dollar Rule
9. 12:19 Expenses and the Pro Forma
10. 15:28 Financing and the Verdict

FAQ

Is this 33 unit priced correctly?

Based on the broker's numbers, yes. An NOI of about $298,000 at a 6.79% cap rate equals about $4.39 million, which matches the price. Tony's question is not whether it is priced right today but whether there is enough upside.

What does a cap rate actually mean?

Tony explains it as the return you would earn if you bought the property in cash, after expenses. Here that is 6.79%. He says he does not buy for that number; he could get a lower but safe return in a money market account, and real estate still carries risk.

Why would Tony pass on this deal?

The rent gap is about $150 per unit. On 33 units that is $59,400 a year of new NOI, about $848,000 of value at a 7% cap rate. With about $1.3 million down, he wants to see at least a million dollars of equity growth. He adds that new construction lowers CapEx risk, which might change the decision for some buyers.

What would Tony still want to check?

A full T12, who pays the utilities and whether they can be billed back, other income, taxes and insurance, and why the pro forma uses a 12% vacancy factor. He would also underwrite a management fee even if he self managed.

How Much to Pay for a 33 Unit Apartment: OM Breakdown

An OM on the screen

One of Tony's clients sent him this deal, and they had already reviewed it together. It is publicly marketed on the big listing sites, so Tony puts the offering memorandum, or OM, on screen and marks it up in red. The property is a 33 unit apartment in Florida, built in 2023, listed by a national brokerage.

His first complaint is familiar: the OM is about 60 pages, and only a couple of them have the information he needs. On page eight he finds it: number of units, cap rate, list price and NOI.

Price and the magic formula

The in place NOI is about $298,000. Divided by the 6.79% cap rate, the value is about $4.39 million. "The deal is priced appropriately," Tony says. He points out that large brokerages often size the loan with in house lenders, so you know roughly what the mortgage will be. They show 30% down, about $1.3 million.

He also comments on off market deals. Everyone asks for them, but they are often messy, with disorganized rent rolls. "It's off market for a reason." A professional brokerage only puts this much work into an OM when the property is organized.

What a cap rate really means

The cap rate is your return if you bought the property in cash. Here, that is 6.79%, and the broker's pro forma shows about 9% if you do what they think you can do. Tony stresses the word think: brokers sell deals, they do not operate them. He does not care much about going in cap rates, because he is not buying in cash and not looking to set and forget. For a set and forget return, he says, a money market account pays something for doing nothing, while real estate still has tenants, termites, toilets and roofs.

What he wants is the BRRRR method: buy right, force NOI up, refinance his capital out and repeat. If NOI is $300,000 today, can he make it $500,000?

Utilities, laundry and the rent roll

The OM does not say who pays utilities. If the owner pays, they can be billed back. The units have in unit washers and dryers, which residents love. Tony's tip: hookups with no machines are an easy value add. At his 100 unit, adding hookups is a large construction project; 30 units have them and the rest will be added over the business plan.

Four of 33 units are vacant. Rents run from about $1,175 to about $1,400, and the broker says market is $1,500. Tony estimates a $150 gap, which the broker's own summary later confirms.

The quick test and the verdict

Before full underwriting, Tony runs one formula: number of units times rent growth times 12 months. 33 times $150 is $4,950 a month, or $59,400 a year of new NOI. Divided by a 7% cap rate, that is about $848,000 of value.

Is that enough? Not for him. "I need to see at least a million dollars in equity growth for me to want to do this deal," he says, when putting $1.3 million down. If the same deal cost $2 million with $500,000 down, he would keep looking. New construction lowers CapEx risk, which might change the decision for some buyers.

Expenses and the pro forma

There is no T12, only a profit and loss snapshot, so he would ask for the full trailing 12 months. The expense ratio is 40.7%, in the normal range of 40% to 50%. If a small property claims 20% or 25%, something is wrong, and you have to model expenses based on how you will run it. He would underwrite a management fee even if self managing and use it for a part time manager. The pro forma shows little rent growth and a 12% vacancy factor, which he calls high.

The broker quotes agency debt at about 6% with a 30 year amortization, but Tony says he would not use agency debt on a deal he plans to BRRRR. His verdict: a good looking property for someone who loves the area and wants new construction, but he personally passes.

Transcript

0:00 How much money can we pay for this 33 unit small multifamily apartment? That's what we're breaking down this video. One of my clients had actually sent me this deal. We had already deep dove it, reviewed it. I figured this would be a perfect example to share with you. So, I'm going to put the OM on the screen here. As always, this is a fully marketed deal fully available to the public. So, we're not doing anything that's private material here. This is fully available. LoopNet, Crexi, all those things. So, this is what's called an OM. Okay, an OM. I'm going to use red here to write on this. And you guys loved this last video, so I'm excited to do this again. This is valuable as always. Put in the comment section. So, Royal Palm Apartments offered by Marcus & Millichap. One of the biggest things, blah marketing.

0:46 Okay, cool. Here's all your contacts. Cool. These are the people you want to call. So, if you like this deal, dude, hit them up. Hit them up. Let's see. Is it good? We'll see. We're going to find out. Number one thing just drives me crazy. Drives me crazy with these OM. This is 60 pages when we really need like two pages of information. Okay, come on, man. Do I really need a full page for a palm tree? Like I don't know. Let me know on that. I don't I don't need I know it's Florida, dude. I know there's palm trees. Okay, I get it. I get it. Marcus and Milichap. Good. Look at this big beautiful property information. Okay, cool. We are at page eight and we finally get some useful information. All good. Number of units, cap rate, list price. So, first off, let's just do our math. So, remember NOI divided by cap rate equals money.

1:34 So, we should be able to quickly determine that this is good. So, let's do NOI. Oh, wait. We don't have NOI yet. Oh, wait. Yes, we do. NOI is $298,73. So, we're assuming that's in place. That is what the property is currently doing. So many people want off-market deals. I'll be honest, they're a mess. And then they get into it and they're like, "Well, where's this information? Where's this? Where's this? I want, bro, it's offmarket for a reason. It's not really available." This is the beauty of onmarket deals. When you're dealing with a broker like Marcus & Millichap, they're a national brokerage. They're professional. They're responsible. They're organized. You can look at an OM and quickly get all the information you need.

2:20 Don't think just because it's offm market, it's a good deal. It's going to be a bigger headache. There's going to be more uncertainties. There definitely could be more upside, but there's going to be more headaches. So, you have to pick what you want to choose with. Don't say, "I want offmarket. I want offmarket. I want offmarket." But then you're like, "Well, their rent roll is unorganized." Well, no crap. It's unorganized because it's offmarket because a broker hasn't come in and organized it and working with the seller. These brokers at MarkX and Milichap CBRE IPO is a local one with us what's another like BCadia dude they don't just list properties they spend a lot of time energy and money to put these types of OM together so they're only going to do that if it's organized is clean they've done their due diligence they're presenting it in a way to you as a buyer that's clean and organized so be aware of that's why I like these onmarket deals it's very simple and easy.

3:17 So, let's go. Our NOI $298,73 divided by 00679. That is worth $4.39 million. The deal is priced appropriately. Now, on this channel, we are value ad investors. We are small multifamily BRRRR investors, right? So, we want to make sure there's upside on this deal to where ideally, if I'm paying 4.39 million for it today, can I make it worth 6.39 million? Oh, dude, then I'm super excited. If this is what's called a stabilized deal to where there's really only marginal NOI growth, that is for someone who really wants to set their money into multifamily real estate and kind of forget it and just take the smaller levels of returns.

4:07 For me, that's not what I'm looking for. Let me know what are you looking for. Put in the comment section. I want to be able to burr my money. I want to be able to buy it, right? Improve it. So, I need some I need some way to force NOI up, right? If my NOI is 300K today, can I make it 500K? Okay, dude. I'm super excited because I want to rent it out so I can refy my capital out and repeat it, right? So, be aware of that. If there's not enough NOI growth, if there's not enough operational things we can do here, that's the trouble. Okay, so down payment they're already look they've probably already too they've probably already sent it to lenders and have it approved for financing. That's why I love working with Bcadia. They do financing in-house. So they're like, "Hey, we've already size this loan up with our in-house team and we've already got it pretty much conditionally approved.

4:55 So you kind of already know what your mortgage is going to be versus if you do small multifamily, if you do an offmarket deal, you've got to go send it to lenders and it's a big question mark." Okay. So they're saying, "Hey, you're going to put 30% down this 1.3 million." Proforma cap rate means if you do everything they say you're going to do, what the deal could be worth, what your return on investment is. So listen to this, folks. Cap rate, this is where a lot of people get confused. It's your capitalization rate. It's your return on investment if you own the property in cash. So they're saying if you bought this deal for 4.4 million in cash as is. Right now, you would make 6.79% on your money. Okay? If you owned it in cash after you paid all the expenses, obviously there's no debt service on it because you bought it in cash, right?

5:44 You would make 6.79%. They're saying if you do what they think you can do, quote the term there is think. They're not operators, they're brokers. Broker job is to sell deals. So, be aware of that. They're saying the deal could then produce a 9% return on cash, right, on your money invested, which is 4.4 million. Okay. Now, I don't really care about these numbers so much. I care about what like the deal will appraise for as far as a cap rate because I'm going to burr my deals. I don't care about my going in cap rate because I'm not buying in cash and I'm not looking to set and forget my money. Like, dude, if you're going to set and forget your money and earn 6.79%, dude, I would just put my money in a money market account. I get four and a half percent for doing nothing.

6:31 Nothing. No matter what. Even if you buy the deal in cash, there's still tons of risk, right? Tenants, termites, toilets, roofs, economic things, right? So, I never want to just set my money and get a 6.79% return. I want that infinite return or for our Spanish speaking friends, sir, infinito. That's what I want when I buy multifamily deals. So, I want the BRRRR method. Okay, just a little explanation there of OM's, NOI, cap rate, all that good stuff. Okay, so now let's get to it. All right, so let's see. Royal Palm Apartment, number of units, year built 2023. Freaking great, dude. Great. Can't beat that. Lot size. Okay, look, very beautiful looking building. Very beautiful. Okay, utilities doesn't really tell us who's paying for what.

7:19 It just Okay, it just says like the utility company. Ideally, we'd want to see who's paying the utilities because if the landlord is paying for utilities, we can definitely build that back via rubs. So, that's a way to boost NOI. So, let's see all this. I don't need I mean, this is cool, but I don't really need it. I can Google all this. Oh my god. Beautiful. Beautiful photo, but don't really need it. Don't need it. Oh my goodness. So much information. Beautiful. Okay, I get it. Beautiful. Gez Louise. Jeez Louise. Okay, look. Look. We got some unit photos here. Might be a little blurry on my screen for you. Okay, there. Looks good. In-unit washer and dryer is good. Very good. I would love to see if there were in-unit washer and dryer hookups. Oh my god, dude. If you find in-unit washer and dryer hookups, but no washer and dryers, dude, huge bonus, huge value ad, cuz all you have to do is buy the washer and dryers.

8:13 In our 100 unit apartment, we're slowly adding hookups. When we bought it, there were no hookups, but they had done 30 washer and dryers. We're going to do the remaining 70 over the span of our business plan. It's a lot of money, dude. It's a lot of money. It's construction. It's just it's a lot, right? It's a lot to add the hookups. So, if you already have the hookups, but no washer and dryers, huge value ad. If there's already hookups plus washer and dryers, not bad. You obviously can't add the value that way, but tenants love that. You're going to get better tenants because of it. Everyone wants Everyone wants washer and dryers in units, right? It's a huge thing. All right, financial analysis here. So, here's our rent roll. So, let's see. They are renting. So, they have one, two, three, four vacant. Four out of 33 vacant.

8:59 That's not bad at all. They are renting anywhere from 1175,300, 1325, and they say market rent is 1500. So, what you would want to use, like if I had my full deal analyzer spreadsheet, you can buy it for 29 bucks or you can just make your own, dude. You don't have to buy mine. I would punch all these numbers in, I would fill in the entire rent roll, and I would see what's our delta from the in place rent to the market rent. And that is a huge thing I need to know. So, I'm just doing a very cursory look here. I mean, they've got some at 1,400 rents, 15 market rents, 1500. They bought one at 1575, but they're saying rents at 1,500. That doesn't make sense. But maybe it's a maybe it's a short term.

9:46 Maybe it's someone who did a six-month lease, three-month lease. Very possible. It's looking like I would say if we just had to throw a number out there because they've got some lower ones 1175. I would say looking like 150 bucks in delta on the rent. So, most important formula real quick, how I can determine, do I want to fully underwrite this deal? This is your money's worth moment for being this video right now. I'm gonna do 33 units multiplied by 150 because it's number of units multiplied by rent growth times 12 months equals new NOI available just by the rents. And if it doesn't look good on a on a level right here, I'm not going to go further. I'm not going to further underwrite this deal. So 33 multiply by 150, that's $4,950.

10:35 $4,950 per month in new NOI. Remember, there's 12 months in a year. Multiply by 12. 50. I'm going to have to come down here. $59,400 in new NOI. Now, they said it's at a 6 whatever cap rate. We'll just we'll round to seven to make it simple. So, 59,400 new NOI divided by 7% cap rate. How much money can I make on this deal? $848,000571 just by just by bringing the rent to market rent. Not bad. Now, if you're asking me, Tony, is that enough for you? For me personally, for to spend 4.4 to buy something for 4.4 million to put $1.3 million down, no.

11:28 I need to see at least a million dollars in equity growth for me to want to do this deal. Now, if this is an A+ part of Florida, if this is I mean, it's brand new construction. So, your CapEx risk is going to be very low. Maybe that would make me alter my decision. But just from a cursory level, if I was sent this OM by a broker and like, Tony, this is a great deal. I love this deal. You should check out this deal. You should do this deal. I would stop right here. I would say, thank you very much. There's just not enough upside for me to put $1.3 million down. Now, if this deal was $2 million and I'm only putting 500 grand down, oh yeah, dude, I'm definitely looking at it. I need to see at least my amount of equity back in growth, right? In NOI growth and I'm sorry, in valuation growth here, at the very least a million bucks.

12:19 If I can't make a million dollars on a deal nowadays, I'm just passing on it. I've already done the small stuff. I've already, you know, grown my portfolio. I've already grown my net worth. I've already grown my experience. That's what I'm looking at. So, I would pass here. Let me know what would you do. Put in the comment section. Would you keep going? We'll take a couple looks at the pro fora here. But let me know. I want to share my perspective with you so you learn. All right. Now, here's what's really important. Here's what's called the profit and loss statement. Now, they don't have a T12. So, ideally, we'd want to see a T12. You're probably only going to get this if you go under contract. A T12 is where they're going to break down all this income and expenses over the last 12 months. It's really important to see that because you want to see were expenses higher at a time, were they trending lower?

13:07 You just want to see the full picture. Okay, this is kind of just a snapshot. Ideally, we want to see a full picture. But let's see what their expense ratio is. 40.7% typically I would say expenses run to 40 to 50%. The bigger the deal, typically closer to 50%. So, I don't think this is egregious to say 40%. We're just looking for something wonky here. We're looking like, hey, they're only running at 20% expense ratio, 25%. You're like, dude, that's impossible, right? It's impossible to run small multifamily apartments. I would say leaner than like 30 35%. Unless like someone's living there and doing all the work themselves, doing all the leasing themselves. It's very important to understand that because that's not what you're going to do, right? You're not going to be able to run it that way. You have to model your expenses based on what you're going to run.

13:54 Interesting. So, they really didn't even show that much rent growth in year one on. So, now this is what's called their pro-forma. Pro-forma. You can't really see my writing there, but proforma. This is now their projections. Okay. They really didn't show much rent growth, which is interesting. But they did show and they ran a 12% vacancy factor. That's pretty freaking high. But it looks like they're showing higher in collections maybe. Okay. There's your rubs. Other income pretty low. I mean, dude, if I was running this deal, we could get this all way higher. Utilities, repairs, and maintenance. It looks pretty good. Everything looks pretty decent here. I would have to underwrite it deeper to really understand and I would need a T12 because I would be looking at Let me maybe use my highlighter here.

14:42 Yeah, cool. Highlight. I would be saying like, okay, what's this other income? Utility, internet reimbursement. Can we build back more? Why? If they're saying there's rent growth, why aren't they we showing rent growth here? Okay. I would always want to make sure my taxes and insurance are dialed in. I would say, can we build back some of these utilities? That's that. Look, management fee, right? Whoops. Management fee here. Dialed in. Okay, pretty solid. If you're going to manage the deal yourself, you always have to underwrite to a management fee. Even if you're not going to charge yourself a management fee on 33 units, I would definitely look to have a part-time manager. So, I would underwrite to that 30,000 and use that for a fractional manager, part-time manager, if I have a bigger portfolio. I'm going to contribute $30,000 to my manager salary. Perfect. I would say all this checks out. Nothing looks crazy here.

15:28 And I would want to just underwrite this fully and look deeper. Okay, last thing here. They have financial details. So, it's looking like they just kind of like everything all over again, right? SK. Okay. So, here they did our scheduled rents, average, and market rents. Look, we were we were pretty much dead on there. I said about $150 in delta. That's what they're saying here. They're all one bed, one baths. Not a big deal. Ideally, two bed, two bass would be better. Two bed, one bass would be better. Everything they already told us, cap rate, cash on cash return. Again, I don't really care about that. Loan amount, they're saying you could get $3.1 million loan, 30% down, not bad. 6% interest rate, 30-year AM. They're saying that you would go like Freddy Fanny or agency debt on this.

16:14 If we're going to bur the deal, we're not going to go agency debt. So, this is why it's very important to understand your financing options to understand exactly how all this works. Then this is not this is nothing different than what they broke down above here. Okay. So, I believe this is enough data here. I think we've gone deep enough here. I would say for me I would pass on this deal but I would also want to underwrite further and just understand I mean from a rent growth perspective it's not enough for me but I definitely think there's some meat on the bone here with the operations 150 bucks is not bad looks like there's some operational things here I would have to deep dive into it and look into the things that I mentioned up here other sources of income utility bill back vacancy I mean why are they running a 12% vacancy factor that's pretty freaking Hi, dude.

17:04 Expenses look pretty dialed in. So, overall, I think this is a great looking deal. If you love this area, if you want new construction, should definitely reach out to them. Me personally, I am passing on this deal. Let me know, was this valuable? What and what would you do? Put it in the comment section. Would you buy? Would you want to look deeper? Would you hard pass? And let me know why. Put in the comment section. Let's learn from each other. As always, if this was valuable, if you like this type of content where we're breaking down real deals on the market that are available, real actual deals, put in the comment section. If you hate it, put in the comment section. As you see, there's a lot of nuances when you go through buying a small multifamily apartment. It's a lot to try to figure out on your own. If you want help, you want coaching, you want mentorship, click the link in the description. This is what we do with our students all day long.

17:50 Everything from breaking the deal down, underwriting the deal, looking at the financing, closing the deal, then most importantly, taking all this pretty stuff here and turning it into a realworld business plan and actually executing on it because that's where the money's made. So, if you want to learn more about that, click the link in the description to learn more about our mentorship program. Until next time, we'll talk soon. Thanks for being here. Bye.

Topics: Deal Review, Underwriting, 10+ Units

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    An 18 unit collecting a fraction of its market rent: a big problem with big upside, underwritten for a coaching client.
21. Episode #004: Buying A 9 Unit Apartment With 5.5% Seller Financing
    With Keith, mentorship and Stephan Group client, roofing business owner · May 4, 2025 · 32 min
    Keith and his wife Angela skipped single family and bought a 9 unit in Clarkston with seller financing at 5.5%.
22. Episode #003: Buying A 12 Unit Apartment For $1.5M? Multifamily Deal Analysis
    With Jerome, coaching client trading single family rentals into multifamily · April 29, 2025 · 54 min
    An off market 12 unit with a very light P&L, and the creative ways Tony adds NOI beyond raising rent.
23. Episode #002: Buying A 12 Unit Apartment For $800K? Multifamily Deal Analysis
    With Shelby, coaching client, first multifamily deal search · April 16, 2025 · 57 min
    Tony underwrites a 12 unit his coaching client found on LoopNet, line by line, and shows where the value is hiding in the fees.
24. Episode #001: How This Out of State Investor Bought His First 12 Unit Multifamily Apartment
    With Hugo, mentorship and Stephan Group client, W2 worker from Los Angeles · April 13, 2025 · 27 min
    Hugo bought a Metro Detroit duplex he has never seen in person, raised the rents in year one, then traded it for a 12 unit.

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