How to determine value of a commercial property without appraisal

[Jenny Gremillion]

I just found out about a commercial property in my area that is for sale by owner. (Family friend is selling).  The building is prime property in our town.  The building has the potential for 4-5 tenants- hair stylists, massage therapists, artists or office space.  The owner is saying up front that she's asking $395k for the building.  This seems like wishful thinking to me as the current rent she's collecting is only $1650 (she is a current tenant as well so there is room for growth), insurance and taxes equal $516 per month and utilities are on average $300 per month.  How can I calculate value with only this information? And how can I make a sensible offer based on this information? Thanks in advance!