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Plenty of entrepreneurs (my maternal grandfather and great grandfather among them) have made more from the appreciation on the buildings they bought for their businesses than they ever did from the businesses themselves.
My parents owned a mortgaged brownstone around 68th street in Manhattan in the early 80s. It housed their medical devices business. They sold it in the 80s and moved operations to CT. That brownstone sold for like 3x the business 30 years later.
My folks passed on buying the Tribeca loft in which they were living in 1980 for $60k.
Hindsight you know. Important to remember that NYC was experiencing a huge crime wave and was losing its tax base back then. My ex-girlfriend's father made his money buying up christopher street in NYC during the aids epidemic panic.
Of course, had they owned that building in Youngstown OH, it would've been a different story :)
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