Motivations for buying

[Dan Albrecht]

Why would somebody want to buy a property that has already been optimized to run at peak efficiency? Ie, rents are brought to market rate, expenses are minimized, and all value add opportunities have been completed.

Why would someone buy a property with cash on cash return of 3%?  It seems that some properties might have this cash on cash return once they've hit peak efficiency.

Do you need to sell your property operating at peak efficiency at a bit of a discount to then be able to get your equity out of it in a 1031 as opposed to re-financing as being your other option of getting at your equity?