Suffolk County Cap Rates

[Frank Artusa]

I'm considering a commercial/residential mixed property in Eastern Suffolk with .09 cap rate. It's in a upper middle class area and the price has dropped by a cool 200k since 2015. It's been on the market forever. I spoke to the owner today who seems pretty motivated, albeit unsophisticated in matters of valuation. 25% of the units are unoccupied. The cap rate seems good for the area, however I'm not quite familiar with evaluating competitive cap rates for Long Island. A quick perusal of loopnet doesn't turn up much of anything over a .07. Basically, is this a good cap? What other criteria should I be considering besides the cap? Also, I may need a partner or two for this deal.