Property ownership alone does not establish a qualifying enterprise. E-2 requires a real commercial business that the investor develops and directs, along with substantial at-risk investment and the other category requirements.
Explain the business rather than the asset
Identify what services are provided, how revenue is generated and what authority the investor exercises. A passive appreciation strategy has a different character from an active operation with documented commercial activity. If the proposal includes property, examine the complete operating model and management agreements before drawing an eligibility conclusion.
The size of the property purchase cannot answer those questions by itself. Purchasing property does not create an enterprise, and the analysis looks for a real and active commercial or entrepreneurial undertaking producing goods or services for profit rather than for an asset held to appreciate or to yield rent. Describe the business rather than the holding.
What is sold, to whom, at what price, delivered by whom, and supported by what operations? Where the activity is genuinely a business built around property, such as one providing services with staff, systems and customers, that can be described as such and evidenced. Where it is ownership with an agent collecting income, the description will not survive examination however it is worded.
The investor's other requirements are unaffected by the asset's value: treaty nationality, capital irrevocably committed and at risk, an enterprise that is more than marginal, and development and direction by the investor.