Questions for 1st Commercial Deal

[Joseph D.]

I own several SFRs and am looking at my first commercial deal.  It's a small (6,000 SF) space with an auto repair shop.  Tenant has been there for about a year, $200k asking price, $3k/mo rent.

What questions should I be asking before moving forward?  I have a PM that can deal with the property, but I'm used to running numbers for residential properties.  Is there a good list of questions for small commercial properties like this?

[Joel Owens]

Does seller have a recent phase one in the last 6 months??

Environmental clean up could go higher than the value of the property in some cases.

3k mo rent doesn't mean anything. Is the rent a gross lease,NN,NNN??

Have many years left om the primary lease term? Is corporate only guaranteeing the lease or personal as well?

How old is the building itself? Tearing down can be expensive if it has asbestos etc.