Then go pull their booking calendar for the next two months and see what the bookings look like.

Everyone is transaction based.  

Let’s break this down:The Pros and Cons of SellingPros:Unlock Significant Equity: Selling would give you $500K in cash (less transaction costs), which you could reinvest in multiple properties in higher cash-flow markets.

Are you actually booked out that far?

Find yourself a good basic landlord book.

You have to set them up, market, book and clean. 

Being a transactional RE broker in my first 15 to 20 years nights and weekends were a must to be a top earner.

That may not apply to you, as a financial professional, but I thought I would share the story.Obiously you could re-lever your portfolio to bring the ROE back up, but then you have to place those borrowed funds somewhere that nets a high enough return that the portfolio is ahead, given the drag of the interest and any transaction fees.    

Approx 5 commercial  properties with total combined value book value 12m .. actual maybe 20-25m?

I believe subject to transactions, done CORRECTLY, between KNOWLEDGABLE participants, with FULL DISCLOSURE, are typically successful transactions that have benefits for both sides.