To keep things simple let's value the building on a 1% basis.

Have you looked at new build incentives and renting by the room? 

The door in question is the front door which is the only entrance to the building for all the tenants.  

Now I am leaning towards buying land to build within the inner loop and sell.

Purchase price: $1,900,000 Cash invested: $2,450,000 The building, “36 South,” is conveniently located next to the Sea Pines Circle and is now home to 48 employees for the Sea Pines Resort.

Seeing a rent roll, and T-12 or T-24 would be helpful to understand the true Profit of the building.- Although there is no vacancy now, I'd want to see the leases they currently have, especially the commercial lease. 

The first 2 things you want to build is your REPUTATION and RELATIONSHIPS.

They may be an emerging manager that is a great operator, but simply haven't been around very long, or it could be a very experienced manager with more acquisitions connections (and presumably good deal flow) than investor contacts, so needs to market to build that network to capitalize on the good deals they are finding.That being said, these "off market syndicators", as you call them, are like "off market houses".  

Additionally, the latest trend in new construction involves building properties specifically to rent.

What do you consider a small apartment building 4 units or 20 units?