The blended appreciation rate is somewhat around 10%.Because the buildings in my portfolio have been purchased approximately one every 2 or so years, since 1997, each range will have a different appreciation.For instance, the building I bought in 1997 appreciated an average of about 8%.

First, I think you may be blending two topics. 

I'm looking for a blended return with all my investments of around of around 20%.

I've listened to a good number of the podcasts and there have been some interesting systems that folks have put together by blending different platforms and strategies to help streamline their businesses.  

It is also a blend of SF and Honolulu. 

It’s got to be one or a blend of several of the items on the list.Thoughts? 

It sounds like you are buying for both so I think you have to blend the offer a bit.  

However, if you are looking to blend cash flow and appreciation, then the Dundalk area (and especially the Elton area) may not be the best place to tied up your capital.  

So a starting low cap of 4 and healthy increases gives them a blended cap rate of 5.5 to 6% over time.As a seller or a developer I would also think to myself to sell to these buyers for a premium.

I was wondering what people's thoughts are about how this applies to active real estate investors that presumably can achieve higher yields than the blended yields from stocks and bonds that are used to compile the tables in the study.