Pay a premium for last unit in building that I don't own?
Another owner in a building I own in asked me if I'm interested in buying his unit. It's a 3-unit building in a desirable block of Wicker Park Chicago and I own the only other 2 units. This is an older building in an area that's being upgraded with new construction bi-level and tri-level homes (e.g. one home nearby just sold for $1.7 million).
The other owner said he's planning on listing next spring but figured he'd see if I was interested since I'd own the entire building outright.
Would you pay a premium for the unit? iow would you compromise on the usual %s and ratios we use to value a property?
As a side note - if we do a transaction off-market, do you have any recommendations on how best to do that?