Advise on first commercial purchase

[Ryan Schwartz]

I just sold my old personal residence and have a capital gain of 3mm. Instead of paying uncle sam, I decided it would be best to 1031 it into a commercial building. I found a local building that was built in the 70s, on a 1 acre lot, located on the busiest street where I live, has a corporate tenant, and the building it located on a corner lot that has a traffic light. The lease expires in 5 years and the tenant has two 5 year options to renew. The rent increases 6% every 3 years. I would be buying the building with  cap rate of 5%. I feel as if I am paying a big number for this building, but I don't have many option of properties available locally. I like the fact I drive by the building frequently. Is this a good or bad idea. I will be financing 60% of the property. Anything I should be aware of or questions I should be asking.  Thanks in advance.