It's tough out there for a value investor. The market has shrugged off worries of a Greek bond default, and the major stock market indices remain near peak levels. A clear sign of robust markets: The S&P trades for more than 20 times trailing earnings.

Luckily, the market aphorism, "It's not a stock market, it's a market of stocks" holds true. There are bargains out there waiting to be found, especially in one key sector. The uncertainty about interest rates has pushed the prices of real estate down, but one of the most consistently profitable real estate companies has fallen too far, and a golden opportunity for long-term investors has emerged.