If you’re a real estate investor or ready to become one, you have likely heard that multifamily properties are among the best ways to build long-term wealth. Whether it's a duplex or a 10-unit apartment building, these assets offer built-in diversification and scalability that help build a strong portfolio.

At Evernest, we have seen firsthand how multifamily properties can unlock consistent income and long-term appreciation. However, success begins with identifying the right property. If you're looking to invest in real estate, finding promising multifamily properties for sale is a crucial first step.

This article will help you create a plan to find and evaluate multifamily rental properties, no matter where you are in your investing journey.

Understanding Your Investment Goals

Before you begin browsing listings or scheduling showings, it’s essential to know what kind of investment aligns with your personal and financial goals.

Step One: Clarify Your Strategy

Some investors prioritize monthly cash flow, where rental income covers all property expenses and generates profit from day one. Others are more focused on appreciation, banking on the long-term value of the property to grow over time, even if that means minimal returns in the short term. A third approach is the BRRRR strategy (Buy, Rehab, Rent, Refinance, Repeat), which allows investors to recycle capital into new properties by adding value through renovations.

Step Two: Clarify Budget and Financing

Speak with lenders early in the process to clarify your purchasing power. Will you be using conventional loans, private financing, or tapping into equity from another property? Knowing your buying power helps narrow your search and avoids wasting time on properties outside your range. Keep in mind that residential loans often apply to properties with four units or fewer, while five or more units typically fall into the commercial lending category, with different underwriting standards, higher down payments, and stricter qualification criteria.

Step Three: Choose the Right Rental Market

Choosing the right market is equally critical. You will want to research cities or neighborhoods with strong rental demand, low vacancy rates, and favorable landlord laws. Look at local employment trends, population growth, and the quality of nearby amenities like schools, hospitals, and public transportation.

Step Four: Find the Property Type Suited to You

Finally, consider what size and style of multifamily property best suits your plan. A duplex might be the perfect entry point for a first-time investor, allowing you to live in one unit while renting the other. More experienced investors might pursue a triplex, quadplex, or even a small apartment building with six to twelve units to increase scale and efficiency.

Traditional Avenues for Finding Multifamily Properties for Sale

There are several conventional paths to finding multifamily properties for sale, and knowing how to use each one strategically can help you stand out in a competitive market.

Work With Real Estate Agents Who Specialize in Multifamily

One of the smartest moves you can make is working with an investor-friendly agent. These professionals bring more than just access to the MLS; they understand how to underwrite deals, assess cap rates, evaluate rental income potential, and navigate complex transactions involving multiple units. A good agent will save you time, money, and frustration.

To find the right agent, start by asking for referrals from other investors. Ask within your local REIA, Facebook investor groups, or even your property manager. Investors who are active in your target market will likely know who the top-performing, investor-savvy agents are.

When searching online, use terms like “multifamily real estate agent in [your city],” and look for agents who are clearly marketing themselves as investment-focused. Their websites or bios should mention experience with duplexes, small apartment buildings, or investment property analysis.

Once you have a few names, interview potential agents. Ask:

• How many multifamily transactions did you complete in the last year?

• Have you worked with out-of-state or first-time investors?

• What neighborhoods or asset types do you specialize in?

• Are you personally invested in real estate?

The right agent will not only help you find multifamily properties for sale but will also act as a strategic advisor throughout your investing journey.

If you're ready to get connected, Evernest works with a national network of investor-friendly agents who understand the specific needs of multifamily buyers.

Use Online Listing Platforms

Online platforms remain one of the most accessible tools for identifying new opportunities, provided you know how to use them well.

Start by identifying which websites cater to your investment strategy. For larger assets (typically five units or more), sites like LoopNet, Crexi, and Ten-X focus on commercial real estate listings. These platforms enable you to filter by cap rate, occupancy, location, and price per unit, which are essential metrics for evaluating a deal.

For smaller multifamily properties, residential sites like Zillow, Realtor.com, and Redfin allow you to select multifamily as a property type and search by zip code or city. The key here is consistency: set up saved searches and email alerts so you’re notified the moment new properties hit the market.

Speed is essential, especially in hot markets. Many deals are under contract within days, so it pays to be ready to act quickly once a listing matches your criteria.

Attend Local Real Estate Investor Association (REIA) Meetings

REIAs offer more than just invites to networking events. They provide the chance for you to access a wealth of insider knowledge. Attending a local REIA meeting gives you direct access to seasoned investors, contractors, lenders, and wholesalers who often share off-market deals or investment insights you won’t find anywhere else.

Participating regularly in your local REIA allows you to build relationships with people who may think of you the next time they’re ready to sell, or who can introduce you to someone who is. You’ll also get access to educational seminars, local market updates, and discussions around emerging trends that can sharpen your instincts as an investor.

Uncovering Off-Market Multifamily Properties for Sale

Some of the best opportunities never make it to public listing sites. Savvy investors use proactive strategies to find these off-market multifamily properties for sale, often at better prices and with less competition. Here are a few strategies for uncovering off-market multifamily properties for sale.

Direct Mail Campaigns

One of the most reliable methods for generating off-market leads is direct mail. You can build a targeted list of potential sellers by focusing on absentee landlords, owners of older buildings, or those who have held a property for many years.

The key to this strategy is crafting a letter that’s respectful, personal, and sincere. Avoid high-pressure sales language. Instead, express that you’re an investor interested in buying multifamily properties in the area and are reaching out in case they have ever considered selling. Be sure to include your contact information and a return address, and follow up regularly. A well-timed second or third letter is often what leads to a conversation.

Driving for Dollars

"Driving for dollars" involves physically scouting neighborhoods to identify properties that might not be listed but show signs of distress or neglect. This could include peeling paint, overgrown landscaping, or boarded-up windows.

Once you’ve spotted a potential property, use your county assessor's database or a service like PropStream or DealMachine to look up the owner’s contact info. You can then reach out directly, by mail, phone, or in some cases, in person, to inquire about a potential sale.

Network With Local Professionals

Local professionals, such as attorneys who handle estate planning, accountants who work with landlords, property managers (like us!), or general contractors, often know when a property is about to hit the market before it actually does. This inside knowledge can lead to deals that aren’t publicly listed and have less buyer competition.

Introduce yourself as a serious buyer, explain what types of properties you’re looking for, and ask if they ever come across owners who may be looking to sell. Building these relationships takes time, but can yield high-quality leads.

Work With Wholesalers and Bird Dogs

Wholesalers specialize in finding properties, securing contracts, and assigning them to investors for a fee. Bird dogs operate similarly but usually just pass along leads.

While you can find good deals through these sources, it’s critical to do your own due diligence. Analyze the numbers, walk the property if possible, and confirm the legal status of the contract. A trustworthy wholesaler can become a steady deal pipeline, but not all are created equal, so proceed with caution and always verify the facts.

Monitor Foreclosure and Auction Websites

Foreclosure auctions and distressed property sales can be treasure troves for investors willing to take on some risk. Sites like Auction.com, HUBZU, or even your local county’s tax deed website often list multifamily properties headed for auction.

Understand that these properties are usually sold as-is, and in many cases, you won’t be able to inspect them beforehand. Learn the auction rules, research the property history, and make sure you’re comfortable with the level of uncertainty before placing a bid.

Due Diligence and Analysis

Finding the right multifamily property is only half the battle. It is equally important, if not more so, to vet each opportunity thoroughly to ensure it aligns with your investment goals.

Financial Analysis

Start by running the numbers. Analyze the net operating income (NOI), calculate the cap rate, and look at cash-on-cash return based on your expected investment. Examine the gross rent multiplier (GRM) to quickly assess whether the property’s rent justifies its asking price. Don’t forget to factor in realistic operating expenses and vacancy rates; being overly optimistic here can destroy your returns. Utilize specialized tools, like Evernest’s Rental Property Calculator, to understand how the details of a potential property pencil out.

Property Inspection

It is always best practice to conduct a thorough property inspection. Hire a professional inspector who has experience inspecting multifamily properties and have them review the condition of the roof, plumbing, electrical, HVAC, and other key structural elements. Don’t skip this step, even if the building “looks fine” at first glance.

Market Research

Conducting a thorough analysis of your local rental market is a crucial step in the process. It should include information on comparable rents in the area, current and projected vacancy rates, and any planned development projects in the area. A property in an up-and-coming neighborhood could become significantly more valuable in the next few years.

Legal Review

Last but certainly not least, you should research and understand all legal and regulatory elements. Review lease agreements, verify zoning compliance, and familiarize yourself with any local landlord-tenant laws or rent control ordinances. If needed, consult a real estate attorney to ensure you're not stepping into a legal minefield.

Making an Offer and Closing the Deal

When you’re ready to make an offer, base your price on your financial analysis and market comps, but also consider what makes your offer attractive beyond price. Shorter due diligence periods, fewer contingencies, or flexible closing timelines can sometimes win the deal even if you’re not the highest bidder.

Work with a knowledgeable, investor-friendly agent and a responsive lender. Ensure your financing is in place before entering negotiations. Once your offer is accepted, stay in close communication with your lender, title company, and inspector to avoid potential closing delays.

Wrapping Up: Finding Multifamily Properties for Sale

Building a successful multifamily portfolio starts with knowing where and how to find the right opportunities. Whether you're tapping into online platforms, networking with local professionals, or uncovering off-market deals, your ability to stay persistent and perform due diligence will set you apart.

At Evernest, we help investors nationwide find, evaluate, and manage profitable multifamily investments. Whether you're just getting started or scaling an established portfolio, our team can support you every step of the way, from deal sourcing to full-service property management.

So keep your eyes open, your goals in focus, and your standards high. The right multifamily properties for sale are out there, and with the right approach, you’ll be ready to seize them.

Connect with an investor-friendly agent in your area and get started today!