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Asking-price-to-cash-flow multiples by category and location, from public listing sites and brokers.
Multiples only count listings where asking price ÷ cash flow is between 0.5x and 30x and cash flow is at least $1,000, which leaves out listings with missing or unrealistic figures. Listings marked "Real estate included" are also left out, because their asking price includes the building.
Total listings
140,124
With cash flow
22,959
Usable multiples
20,463
SMB vs CRE (usable)
20,441 SMB · 22 CRE
Multiples by category (all usable)
| Group | Count | Avg | Median | Range |
|---|---|---|---|---|
| Restaurant / Food | 4430 | 3.05x | 2.43x | 0.50–30.00x |
| Home Services | 3063 | 3.16x | 2.78x | 0.50–29.68x |
| Other | 2443 | 3.50x | 2.83x | 0.50–30.00x |
| Online / Digital | 2260 | 5.35x | 3.33x | 0.50–29.94x |
| Wholesale / Logistics | 1406 | 3.85x | 3.42x | 0.50–29.50x |
| Healthcare / Medical | 1300 | 3.47x | 2.80x | 0.50–30.00x |
| Retail | 919 | 3.14x | 2.46x | 0.50–29.75x |
| Auto / Car Wash | 854 | 3.96x | 3.06x | 0.51–27.11x |
| Salon / Beauty | 785 | 2.69x | 2.19x | 0.50–29.49x |
| Gas Station / C-Store | 769 | 3.82x | 2.50x | 0.53–28.29x |
| Cleaning / Facilities | 623 | 2.48x | 2.20x | 0.52–13.33x |
| Fitness / Recreation | 395 | 3.95x | 3.00x | 0.52–28.97x |
| Manufacturing | 295 | 5.07x | 4.00x | 0.99–29.69x |
| Childcare / Education | 231 | 4.19x | 3.21x | 0.51–29.32x |
| Laundromat | 212 | 4.41x | 3.90x | 0.71–29.80x |
| Unknown | 154 | 6.25x | 4.54x | 0.68–25.86x |
| Hotels / Lodging | 119 | 5.88x | 3.98x | 0.56–19.47x |
| Land / Development | 73 | 4.12x | 2.98x | 0.93–13.70x |
| Mixed-Use / Other CRE | 48 | 6.12x | 3.43x | 0.89–25.00x |
| Multifamily | 46 | 6.67x | 4.03x | 0.65–25.36x |
| Self Storage | 17 | 12.28x | 11.07x | 1.89–30.00x |
| Retail CRE | 6 | 6.62x | 3.80x | 1.80–17.16x |
| Office CRE | 5 | 4.55x | 2.83x | 1.14–9.19x |
| Industrial CRE | 2 | 3.56x | 3.56x | 3.13–4.00x |
| Mixed Use, Office, Retail | 2 | 13.81x | 13.81x | 11.28–16.35x |
| Retail, Special Purpose | 1 | 14.66x | 14.66x | 14.66–14.66x |
| Industrial, Retail | 1 | 11.88x | 11.88x | 11.88–11.88x |
| Land, Multifamily, Retail | 1 | 17.93x | 17.93x | 17.93–17.93x |
| Industrial | 1 | 13.55x | 13.55x | 13.55–13.55x |
| Hospitality | 1 | 14.29x | 14.29x | 14.29–14.29x |
| Retail, Office, Mixed Use | 1 | 14.31x | 14.31x | 14.31–14.31x |
SMB multiples by category
| Group | Count | Avg | Median | Range |
|---|---|---|---|---|
| Restaurant / Food | 4430 | 3.05x | 2.43x | 0.50–30.00x |
| Home Services | 3063 | 3.16x | 2.78x | 0.50–29.68x |
| Other | 2443 | 3.50x | 2.83x | 0.50–30.00x |
| Online / Digital | 2260 | 5.35x | 3.33x | 0.50–29.94x |
| Wholesale / Logistics | 1406 | 3.85x | 3.42x | 0.50–29.50x |
| Healthcare / Medical | 1300 | 3.47x | 2.80x | 0.50–30.00x |
| Retail | 914 | 3.08x | 2.45x | 0.50–29.75x |
| Auto / Car Wash | 854 | 3.96x | 3.06x | 0.51–27.11x |
| Salon / Beauty | 785 | 2.69x | 2.19x | 0.50–29.49x |
| Gas Station / C-Store | 769 | 3.82x | 2.50x | 0.53–28.29x |
| Cleaning / Facilities | 623 | 2.48x | 2.20x | 0.52–13.33x |
| Fitness / Recreation | 395 | 3.95x | 3.00x | 0.52–28.97x |
| Manufacturing | 295 | 5.07x | 4.00x | 0.99–29.69x |
| Childcare / Education | 231 | 4.19x | 3.21x | 0.51–29.32x |
| Laundromat | 212 | 4.41x | 3.90x | 0.71–29.80x |
| Unknown | 154 | 6.25x | 4.54x | 0.68–25.86x |
| Hotels / Lodging | 119 | 5.88x | 3.98x | 0.56–19.47x |
| Land / Development | 73 | 4.12x | 2.98x | 0.93–13.70x |
| Mixed-Use / Other CRE | 46 | 5.84x | 3.30x | 0.89–25.00x |
| Multifamily | 40 | 5.53x | 3.95x | 0.65–25.36x |
| Self Storage | 16 | 12.35x | 10.98x | 1.89–30.00x |
| Retail CRE | 6 | 6.62x | 3.80x | 1.80–17.16x |
| Office CRE | 5 | 4.55x | 2.83x | 1.14–9.19x |
| Industrial CRE | 2 | 3.56x | 3.56x | 3.13–4.00x |
CRE inventory by type (98,949 listings)
Commercial property from public listing sites and brokers. Cap rate / NOI is usually redacted without login, so most won't appear in multiples until we enrich a row (multiple ≈ 1 ÷ cap rate).
| Type | Count |
|---|---|
| Land | 17,028 |
| Retail | 11,478 |
| Multifamily | 9,410 |
| Office | 7,822 |
| Industrial | 7,501 |
| Special Purpose | 3,655 |
| Land / Development | 3,161 |
| Mixed Use | 2,181 |
| Retail, Office | 1,569 |
| Land, Multifamily | 1,456 |
| Office CRE | 1,352 |
| Industrial CRE | 1,299 |
| Land, Special Purpose | 1,154 |
| Retail, Land | 1,093 |
| Retail CRE | 1,048 |
| Hospitality | 1,044 |
| Office, Retail | 1,020 |
| Industrial, Land | 931 |
| Mixed-Use / Other CRE | 770 |
| Retail, Office, Mixed Use | 719 |
CRE multiples by category
| Group | Count | Avg | Median | Range |
|---|---|---|---|---|
| Multifamily | 6 | 14.25x | 11.87x | 9.59–23.52x |
| Retail | 5 | 14.28x | 15.38x | 11.65–16.67x |
| Mixed Use, Office, Retail | 2 | 13.81x | 13.81x | 11.28–16.35x |
| Mixed-Use / Other CRE | 2 | 12.57x | 12.57x | 12.50–12.63x |
| Retail, Office, Mixed Use | 1 | 14.31x | 14.31x | 14.31–14.31x |
| Retail, Special Purpose | 1 | 14.66x | 14.66x | 14.66–14.66x |
| Hospitality | 1 | 14.29x | 14.29x | 14.29–14.29x |
| Self Storage | 1 | 11.11x | 11.11x | 11.11–11.11x |
| Industrial | 1 | 13.55x | 13.55x | 13.55–13.55x |
| Industrial, Retail | 1 | 11.88x | 11.88x | 11.88–11.88x |
| Land, Multifamily, Retail | 1 | 17.93x | 17.93x | 17.93–17.93x |
Multiples by location
| Group | Count | Avg | Median | Range |
|---|---|---|---|---|
| United States | 435 | 4.39x | 3.33x | 0.50–27.78x |
| Unknown | 376 | 11.93x | 9.88x | 0.50–29.94x |
| Houston, TX | 231 | 3.28x | 2.36x | 0.57–30.00x |
| Suffolk County, NY | 221 | 2.92x | 2.60x | 0.70–12.50x |
| Tampa, FL | 197 | 3.48x | 3.08x | 0.59–27.11x |
| Nassau County, NY | 184 | 2.78x | 2.50x | 0.69–9.25x |
| Florida | 183 | 4.74x | 3.90x | 0.52–26.81x |
| Phoenix, AZ | 178 | 3.03x | 2.52x | 0.70–15.00x |
| Minnesota | 169 | 4.29x | 3.43x | 1.01–28.00x |
| Broward County, FL | 166 | 3.43x | 2.67x | 0.52–26.13x |
| Miami, FL | 163 | 3.88x | 3.03x | 0.56–22.00x |
| New York, NY | 162 | 3.31x | 2.99x | 0.65–20.50x |
| Texas | 155 | 4.53x | 3.75x | 1.14–18.83x |
| Dallas, TX | 154 | 3.61x | 2.65x | 0.51–28.14x |
| Las Vegas, NV | 147 | 2.76x | 2.02x | 0.53–23.60x |
| Brooklyn, NY | 136 | 2.88x | 2.41x | 0.59–29.68x |
| Palm Beach County, FL | 134 | 3.07x | 2.70x | 0.96–10.31x |
| New York | 131 | 4.05x | 3.43x | 0.54–17.06x |
| Austin, TX | 125 | 2.90x | 2.64x | 0.63–10.71x |
| CA | 121 | 4.38x | 3.35x | 0.51–24.42x |
| Orlando, FL | 114 | 3.02x | 2.57x | 0.66–17.00x |
| Cook County, IL | 112 | 3.82x | 3.22x | 0.69–16.67x |
| Charlotte, NC | 112 | 2.53x | 2.43x | 0.56–7.71x |
| Saint Louis, MO | 106 | 3.12x | 2.55x | 0.88–12.55x |
| Bergen County, NJ | 102 | 3.07x | 2.27x | 0.67–18.70x |
| Maricopa County, AZ | 102 | 3.27x | 2.76x | 0.70–14.00x |
| North Carolina | 101 | 3.88x | 3.24x | 1.19–14.84x |
| Atlanta, GA | 95 | 3.18x | 2.53x | 0.51–19.37x |
| Wisconsin | 94 | 4.21x | 3.47x | 1.31–15.52x |
| United Kingdom | 94 | 4.29x | 3.32x | 0.55–20.00x |
| Nashville, TN | 92 | 2.56x | 2.03x | 0.57–12.32x |
| Westchester County, NY | 92 | 2.87x | 2.75x | 1.00–10.62x |
| Miami-Dade County, FL | 90 | 3.70x | 2.97x | 0.69–16.80x |
| Virginia | 90 | 3.87x | 3.29x | 1.29–14.25x |
| Pinellas County, FL | 83 | 3.08x | 2.55x | 0.87–11.11x |
| Philadelphia, PA | 83 | 2.33x | 2.00x | 0.50–11.58x |
| Ohio | 83 | 4.71x | 3.99x | 1.09–29.69x |
| Harris County, TX | 83 | 3.37x | 3.11x | 0.72–17.40x |
| San Antonio, TX | 80 | 2.45x | 2.25x | 0.57–10.00x |
| New Jersey | 78 | 4.65x | 3.62x | 0.81–25.04x |
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Where each kind of business may be underserved
One page per business type, with the ZIPs that have the most people per business. Estimates, not proof of demand.