I consider the Nelsons as the crème de la crème of Commercial Real Estate Brokers, a feeling shared by my peers.  Both are CCIM's one of the most prestigious real estate designations. Both have served as President of the Oregon SW Washington CCIM Chapter...and they have 2 "deal of the year" awards to their credit.  Quite frankly...they don't need to dabble in sub 20 unit properties.

Please be aware that as an Investment Real Estate Broker I was quoted a 3.125% rate for a loan on a multifamily property 10 days ago.  The 4.0% rate negotiated by the Nelsons pays well above that.  Why?  because banks consider multifamily properties to be the very lowest risk...so they lend at lower rates.

Comparing the yield of a note to the gross rents of a property is not a valid exercise...unless significant adjustments are made.  A note requires no work, whereas an apartment requires chasing the rent, maintaining, managing, accounting, paying the loan. 88 is too old to work...a note makes good sense.