If I want to refi a commercial property, plan to what cap rate?

[Jehon Bendokas]

This is a serious look into my first commercial property.

I'm running numbers for a commercial medical space for sale at .144 cap rate due to a full service lease being renewed annually. NOI is projected $72,140, asking price $499K.

Building is rented by a federal government organization since 2009.

How do I estimate the cap rate a lender would cash out this property at?

I would love to think that .10 cap would be the conservative answer but I don't know if that's true. A cap of .10 would give me pretty close to no money in the deal at a 75% LTV.

Also - If someone wants to cough up enough cash to buy it out right, I'd entertain a partnership conversation.