Buying first CRE!! Need some inputs

[Arun S.]

Hi,

I've been looking at buying a investment property for a while now in the greater boston area. Been looking at SFH, multi-family and commerical properties. For commericial property, I'm in the hunt for <$500k w/tenant. I came across a medical condo that listed @ just under 200k with a cap of 8%. I will be taking a loan to fund the purchase. I started talking to the agent and so far have the following info:

Tenant is a diagnostics company that its run its collection center @ the property. Tenant rent is ~30k and pays portion of the condo fee and utilities. Owner is responsible for the remainder of the condo fee and RE taxes. NOI is listed @ ~15k.

Tenant has been @ this location from November 2008 (Owner also brought this property just before the tenant). Tenant has 3-yr lease term the last of which they extended in Feb '15 (till Jan '18). 

While matching the cap rate to the listed price makes sense, I see the following issues and I'm trying to understand how do I provide an allowance for those to arrive at a price that matches the risk-to-reward ratio (if you get what i mean)

1. Tenant does not have any more renewal options left.  Tenant previously had another location within the same town. So, I'm worried if they leave then I'll have no cash to pay for the mortgage. So, how should one adjust the purchase price to account for this risk?

2. Land is on a 50-year lease (~150k/yr) with the town with another 20 years left on it. While I don't know if I'll hold it till the end of the lease what are the kinda questions that should I be asking to understand the implications of it. If anybody could also point me to article or information that throws more light on this then I would really appreciate.

3. I saw the meeting minutes of year 2013 and 2014. Even though the condo has been in existence only for 20 years (previously it was a a school) I see that in these meeting minutes a recurrence of issues with the elevators. While the last 2 repairs were done with available funds, I see that their account is now going low. Could special assessments be levied for repair works like these? I'm trying to get a sense of whether the income will be eaten away by such costs.