One has to compare apples to apples. I live literally around the corner from your triplex...and do not understand the issue...what it may be is because alot of properties that got damaged were completely updated with granite countertops, Central Air, etc. One of my properties went from $300K to $30K then back up to exponentially more money once it was complete...because it was pretty much a brand new place with 110 yrs of character by the time I was done...as was the same with other properties in Midcity.
Have you updated your place? ..because if not that would be part of the low appraisal.
Buildings are all about utility..actual use. There are several factors:
1) As a multifamily, this means higher density housing than a single...so generally will be worth less money.
2) No matter what we would like to think, the fact is local banks are now being forced to treat this market here finally as a declining market...declining less than other areas, but declining nevertheless.
3) You need to understand the difference between PRICE to sell versus ACTUAL SOLD price. Never use the term "a house costs..." unless you are a builder building something...that is cost, as opposed to what something is worth...and a building is only worth what someone is willing to pay.
4) The average SOLD price in the neighbourhood varies block by block and the SIZE of the property....over 2000 SF, the price per sf goes DOWN unless you have a place in the French Quarter.
5) The FACT is, multifamilies average SELLING price is closer to $110.00 per sf....with variations from $80 to $130 per sf.
Take a closer look at your building...digest these factoids and then give me a call to see what you can do to best raise the value of your property.