How do I run numbers on a potential commercial deal?

[Bruce Clark]

I have experience with buy and hold residential rentals. However, I have no experience with commercial property or leases. With this said, I recently came across a commercial property that I believe presents a great opportunity. I think this the property would be a prime location for a dollar general, family dollar, a small grocery store, or possibly something else.

My question is, if I do not know what tenant if any would be interested in the property, how do I estimate my all in price? For example, if I know that Dollar General wants to lease the property, I can look at their site requirements and calculate the costs associated with bringing the property up to those standards. Then I can determine what a reasonable purchase price would be and if the property is a good investment. However, if I do not know who the end tenant will be, I do not know how to estimate the costs. 

Should I reach out to different companies and talk to them about the site and try to determine its viability and their interest? Is that even something that people do? Is it a good idea or could it result in the company or another investor learning of the property and "stealing" it?

If my question is way off for one reason or another I apologize - again I am learning at this point. Any comments or suggestions are greatly appreciated!