Commercial Guidance In small towns of Texas Options appreciated

[Chase Brewer]

I am new to the commercial market and would like some advice on a investment property. Most of the buildings I have looked at are in need of a small or medium update. I own a roofing and construction company in the panhandle of Texas and would like to get some opinions on this investment. The building is 24,000 sqft they are asking 250k 
What would be a good offer ? 

How does commercial compare to Long term rentals ? 

There are 5 current tenants
With one more space available

Unit one is at $500

Unit two 500

three 1000 

four 500

five 500 this is the largest unit and way under priced on rent