Commercial Office Property CAP RATE 8.72%

[Yaro L.]

Hi BP Community, 

First post on here and I was hoping to get some of your expert feedback on the deal I am currently reviewing. 

Close to pulling a trigger on Commercial Office building in Upstate NY (in a built out town  located near a court), fully occupied with with 4 tenants, with anchor tenant being in the same build for nearly 7+yrs now. 

Purchase price $700k

NOI $61,080

CAP RATE: 8.72%

All in all, deal seems solid / worthy based on the #s, my only hesitation is the value of the actual building and its future potential growth perspective.  From my understanding, the owner is selling the building to buy a bigger building in the same area. Any suggestions / thoughts about this deal from any experienced commercial investors are welcomed. 

Appreciate your help and input in advance. 

-Yaro