industrial park investing

[Mike Landry]

I'm helping a friend out. He's new to rael estate investing and wants to buy an industrial park.  How would you go about analyzing an industrial investment. 

List 549,000

Advertised net income is 62,595

3 different tenants, 3 different buildings on 1.8 acres, 2 tenants have been there for 7 years and one is new in the last year. City water and sewage, 2 building have 3 phase electric.

These building look like typical older steel warehouse type.  Is there value in the property or is industrial space valued by the rents it brings in? We are going to go look at it soon. What info should I try to get from the Realtor? 

How do you run sales comps and rental rate comps on industrial stuff? It's been listed for almost a year.  Do people avoid industrial because it's not glamorous or is there a lot of risk with vacancy? 

Thanks, any advice is appreciated!