Lou and Kathy are correct... the formula for Cap Rate is NOI/Price. So it depends on if the amount you reported as "income" is gross income or net income. If it is net income, then this is a great Cap Rate, but you have to ask yourself why and do some investigating... might be too good to be true!
If this is gross income, you can get an "approximate" net income by assuming the expenses are about 50%, or in other words, divide the $76,000 in half. That would make the Cap Rate on this property about 7.2%... and whether or not that is a good deal would depend on the market, what are the upsides, etc. Then you would want to further verify your facts by getting the actual expenses, etc.
Hope this helps!
Feb 27, 2010