The property won't appreciate like residential. It is mostly based on the NOI (rent minus expenses), quality of lease/tenants (how likely is the tenant going to stay and is able to pay), and cap rate investors are looking for. So as the NOI increases on the property, the value will increase. Also you have potential for cap rate compression. To be simple, let's say you buy this thing at 700k and you're clearing $63,000 after all expenses (except debt service) every year, so you're getting a 9 cap. Let's say in a few years, the market is hot in your area and investors are willing to buy at a 7 cap. If there was no change in rent, your property is now worth $900,000 just because investors are willing to accept a lesser return.
Of course, the opposite could happen too and maybe investors aren't as willing to invest in the area as they were and now expect an 11 cap. Now your property is only worth about $570,000 if the rent is the same. Might not matter too much if you are long term and want the cash flow, but if you wanted or needed to get out of the property in the short term, that'll cost you. This is where the quality of the neighborhood can factor in. Investors want a higher return for more risky areas. If your area is on the decline, the cap rate might go up (bad if you are a seller).
The only way I can think of the value appreciating, but not tied to the NOI is if you just have an amazing, unbelievable location, the neighborhood is becoming super hot, and some developer has an idea that would make much more money than the current gas station/restaurant. He might pay more than market cap rate for your property just because he can tear it down and create something of greater value and he wants to scoop it up before another developer. But this is so rare, I wouldn't factor this (or any appreciation, my opinion) into your purchase decision and how much you are willing to pay.