After the S&L crisis you had guys buying stuff like retail properties next to NYU in the West Village of Manhattan (some of the priciest real estate on EARTH) at 10%+ cap rates despite buildings having a 30% vacancy rate. 

Opportunities for operational value-adds are often caused by shifts in the property’s surrounding business climate, an owner that does not have adequate commercial real estate investment sophistication, or an owner that simply does not have the capital necessary to keep up with maintenance and marketing.An example of this was our investment in Village Park at Palatine, a 1977 vintage, 448-unit apartment community in a high-quality suburb of Chicago.

For example, the top two MSAs with the largest population growth from 2010 to 2016 (estimated) is The Villages, FL (32.7%) and Austin-Road Rock TX (19.8%).

Yet, Victorian Village where I lived has doubled in that time span and Short North looks completely different with all the new development/tear downs.  

It might be worth having a discussion about what is working for us and what is not as well as what else is going on down there (Margarita Village?).

@Steve Osowicz --  I see that you're a commercial broker, so I'm assuming that you're not going to be surprised at anything I mention next: You've asked for help on U&O, but you've said nothing about market rents for any asset class, the trending ebb and flow of any asset classes in this area,  demographics, highest & best use,  what services are needed in the area, access to main highways, access to downtown/village/commercial areas, nearby services already present, or the ease or difficulty in re-zoning/ changing that property's use in this particular jurisdiction, zone, or overlay.We really can't help you much without any of that info.   

@Emil Hovgaard some of better neighborhoods are North Buffalo/Hertel Parkside area and then also Elmwood village.

The older part of Lisbon, the original village along the river, is just a poor rural town.  

Toluca Lake, Valley Village, Studio City, Sherman Oaks, Encino, Tarzana, Woodland Hills,  Calabasas,  West Hills, Bell Canyon, Chatsworth, Northridge( majority),  Porter Ranch, Granada Hills.

It takes a village, and @Will Barnard is the village chief!