Having trouble finding a multifamily property for sale? If you’re in the market for a residential multifamily property, it can be difficult to find exactly what you’re looking for online. You need a multifamily home that promises a good return on investment. But many real estate websites will simply have multifamily listings and maybe a cap rate estimation. And that’s why you’re here. Because you want to learn the best way to find multifamily property for sale.
I can tell you now that the best way to find multifamily properties is Mashvisor- there’s no point in beating around the bush. Many real estate investors have already begun their investment property search using our real estate analytics platform and are now the proud owners of top-performing multifamily real estate across the US housing market. Learn how they did it:
How to Find Multifamily Property for Sale with Mashvisor
To get started with Mashvisor, sign up here. You’ll also want to have a city in mind where you want to buy a multifamily home.
Can’t I just search for multifamily homes for sale near me?
You could, but are you sure that your city is the best place for buying multifamily homes? If you haven’t decided on a location yet, Mashvisor’s data can point you in the right direction. Read: What Are the Best Multifamily Markets 2020 with High Cap Rate?
Type in the name of the city in the real estate search engine and let’s get started.
Step #1: Set the Multifamily Property Search Filter
Once you type in the name of the city where you wish to invest in multifamily real estate, you’ll be taken to a map of the neighborhoods with investment properties for sale. At this moment, all types of properties will be showing up for you. Depending on the location, you could be looking at hundreds of investment options. That’s why you need to set the Multifamily Property Search Filter.
Click on More Filters as seen in the picture below:
Scroll down to find the Multifamily filter:
Mashvisor’s real estate database includes all kinds of multifamily properties for sale with 2-4 units including:
While you’re here, you can also select any other filters that will help to narrow down your multifamily investment property search including:
- Number of bedrooms/bathrooms
- Year built
- Square feet
- Traditional rental income
- Airbnb rental income
- Property status
- For sale
These additional filters will help ensure that you find the exact multifamily rental property that you’re looking for. Once you hit Apply, only the investment properties that match your exact criteria will be displayed on the map as well as in the sidebar of the Search App.
Step #2: Conduct a Neighborhood Analysis
Although it may be enticing to start clicking on multifamily listings right now, it’s best not to skip this next step. You will find multifamily property for sale across different neighborhoods. But you don’t want to be random in your selection. Instead, you want to base your choice of location on real estate data and analytics. You can easily do this with Mashvisor’s Real Estate Heatmap.
Click on Explore Data and you’ll have the choice to set a few different filters:
- Listing Price
- Airbnb Cash on Cash Return
- Traditional Cash on Cash Return
- Airbnb Rental Income
- Traditional Rental Income
- Airbnb Occupancy Rate
What this tool does is it ensures that you won’t be sifting through hundreds of listings in dozens of different neighborhoods. Instead, after setting a few filters, you will know exactly where to find the best multifamily income property.
Let’s say you wish to find multifamily homes for sale in Philadelphia. Your budget is $150,000 and you want to generate high cash on cash return by renting out the multifamily home traditionally. Start by setting the Listing Price filter:
You can see that your budget matches the neighborhoods marked in red.
Next, you’ll want to set the Traditional Cash on Cash Return filter and find neighborhoods with investment properties for sale that match your budget but are now marked in green for high CoC return:
This overlap would be the perfect place to find multifamily property for sale. Try out Mashvisor’s Real Estate Heatmap now.
Step #3: Analyze Multifamily Properties for Sale
Even though you have narrowed down your search for multifamily homes to a specific area, you will likely still have a few choices. You could be looking at two properties or a few dozen. This is the challenge of finding multifamily property for sale– how do you quickly evaluate investment property? You want to be able to determine the kind of return on investment you can get with multifamily real estate before you make an offer. But you need to do it fast enough in order not to lose out on real estate deals in the market to other investors. Mashvisor knows this can be a real issue which is why we’ve provided multifamily investors with a quick and easy way to analyze rental properties- the Multifamily Investment Calculator.
If you’ve been following along with these steps, you may have already noticed that multifamily homes for sale on the platform are all accompanied by a quick analysis. You can see the Traditional and Airbnb cash on cash return for each and every property. This will help you see right away which you can forget about and which requires in-depth research.
Click on an investment property for sale in the Search App that interests you and you’ll be taken to the Multifamily Investment Calculator. Here you’ll find loads of multifamily real estate data that is designed to help you find the best investment property. It includes:
- General Property Information (property type, days on market, year built, owner-occupied/non-owner occupied, number of bedrooms/bathrooms, heating and cooling, etc.)
- Tax History
- Rental Income
- Monthly Rental Property Expense Estimates
- Cash Flow
- A Mortgage Calculator
- Cash on Cash Return
- Cap Rate
- Occupancy Rate
- Rental Strategy Comparison (Airbnb vs Traditional)
- Investment Payback Balance
- Real Estate Comps
This is all of the data you need to conduct a complete and accurate multifamily real estate investment analysis. The best part is that all you really have to do is adjust your financing information using the integrated Mortgage Calculator and the rest of the metrics will be pre-calculated for you.
Want a Quick Way to Find High Cap Rate Multifamily Property for Sale?
If you follow the 3 steps outlined above, you’ll be looking at the best multifamily property within 15 minutes or less.
But if you want an even quicker way to find multifamily property and specifically, high cap rate multifamily property, then check out the Rental Property Finder:
This is a great property search tool for investors that relies on a few filters. It instantly returns a list of the multifamily homes with the highest cap rates. Just be sure to set the Type of Property filter to Multifamily to get started.
Want to Find Off Market Multifamily for Sale?
Some real estate investors won’t even give a property a second thought if it’s been listed on the MLS. If this is the kind of real estate deal you’re after, then you have two options for finding off market multifamily for sale:
The Mashvisor Property Marketplace
In the Mashvisor Property Marketplace, you’ll be able to find multifamily foreclosures, short sales, bank owned homes, and auction properties. Simply set the multifamily filter along with any of the other filters to narrow down your search. From there, you can use the Multifamily Investment Calculator to analyze any off market property of your choosing.
Rather focus on targeting multifamily property owners in a certain real estate market who have yet to list their properties for sale? You can get access to homeowner data on Mashvisor through Mashboard. For a complete tutorial on how to do this, read: How to Find Out Who Owns a House in 6 Steps.