is the 1% rule applicable to commercial properties?

[Michael Ganovski]

most know the 1% rule for renting residential:  all in cost (purchase, rehab, etc.)  all in for say $250,000.  I'd want to collect no less than $2500 / mo in rent.  So - parlay that to commerical.  a $1,000,000 property, is it reasonable to expect $10,000 in lease monies?  Love your thoughts - trying to figure best way to assess an opportunity.  I know there is cap rate and NOI.  I use 1% first as quick and dirty math.