Cap rates and expenses on retail strip property

[Toben B.]

Hello,

I am looking for rough guidelines on commercial retail spaces to help a friend evaluate a property.

Property currently has 3 tenants bringing in @ $50K a year in rent. There is a 4th unit that should rent for another $1500-$2000 but it has been empty for a fairly long time as they overpriced it a bit.

What is a typical cap rate for older retail strip type buildings? These are located on a busy street, although not the nicest part of town, it is not terrible either.

Is there a rule of thumb on expenses for commercial retail property? IE the 50% rule for apartments? Current owner stated about $20K in expenses for last year.

The building is not a true triple net lease as the landlord is responsible for the roof/parking lots, but the interiors of the building, restrooms, AC etc are paid by the tenants.

Looking for Cap rate info and expense ratio info.

Thank you!