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I’d be cautious about making the single completed sale the anchor. One transaction can be unusual, while the three asking comparables still indicate current competition, even though their eventual discounts are unknown. Also, condition is not always just repair cost: dated finishes can reduce...

A practical exercise: write two lists. One contains facts that would make this building unacceptable today—insufficient reserves, uncomfortable payment, unresolved condition questions, dependence on perfect occupancy. The other contains future events you are merely hoping for, such as a broad...