what is a good formula for determining to buy commercial property

[Ryan Skinner]

I am looking at a possible acquisition of a property that is possibly out of my price range or the higher end. They are asking around 1million. Can someone help me understand what a good formula is to determine what to offer and if i should even consider buying the property. I just want to be the landlord. The location is good and it is a franchise business offering a triple net lease. I am new to this so some of these terms are unfamiliar to me. Has a 6.25 cap rate and a $66,000 1 year NOI. What other metrics do i need to determine a offer price? I want to take the emotions out of investing and simply apply a formula to all of my offers.