Today, one of the brokers sent me a 1980s asset in a prime location. 
Asking: $12M 
Reality: $7M 

At 40% below asking, the numbers yield a 5% Cash on Cash Return and a 1.3x Multiple. These aren’t “jaw-dropping” returns—they are the genuine state of affairs for the 2026 market.
To the brokers and sellers holding 2022–2024 acquisitions: The math doesn’t care about your basis.
If a deal doesn’t cash flow at today’s rates, it’s a liability, not an investment. 
The Reality Check:
Institutional Sellers: Take the hit, rebalance, and move on.
Private Owners: Chasing “peak profits” today is a dangerous game. The faster you de-risk, the better you’re positioned for the next cycle. 
To the Brokers: My pricing is a sober calculation. We aren’t underwriting 2022 nostalgia; we are underwriting the next five years of performance. 
To my Passive Investors:This is why we pass on 99% of the deals we see. 
My job isn’t to be the highest bidder; it’s to be the most disciplined operator. We refuse to “buy the seller’s mistake.” 
When we bring a deal to you, know this: It has survived a gantlet of scrutiny. If it reaches your desk, the math is solid and the downside is protected. That is your signal to jump in with the capital.