Analyzing an Operational Commercial Property

[Colin York]

Hey Bigger Pockets! 

I'm a newbie investor trying to build capital by wholesaling.  It's my understanding that when analyzing commercial property, there are other factors to consider as to analyzing a residential flip.  My question pertains to a property that has an operational restaurant, some rooms for rent on the second floor and a boat dock with slips for rent.  How would one assess this property in order to make an offer.  The gentleman is asking 5MM. We negotiated to 4.5mm. But being that this restaurant, based on the numbers he showed me from 2018, he lost 99k in 3 months. This was attributed, by him, to it being a kosher restaurant he opened purely for family.  I do not feel I am getting the whole story in regards to the true numbers.  Any insight for future reference on analyzing properties with an operating business?