Hold or Sell? Need some advice

[Kalvin Johnson]

I recently purchased a commercial property with a partner for 385K. The property is used as a restaurant and is currently being leased by a decent tenant. Not a strong one. The property is cash flowing 2K a month and is a NNN lease. The current tenant has 2 years left on the lease and part of our purchase agreement is, if the tenant does not extend another 5 years or more the seller will have to buy back our property, if we choose to sell it back. Here is where I need the advice. My buddy is a commercial broker and found this property for us and thinks he can flip the property to a fast food restaurant or coffee place for 600K. If the current tenant agrees to another 5 or 10 year lease (same terms) we will be cash flowing 2K/mo for the next 5 to 10 years. Would you sell the property for 600K or hold the property for the next 5 to 10 years with 2K/mo of cash flow. My other thought. If we do get another 5 to 10 year lease and bring that to a bank, will they consider a cash out refi? Does the 5 or 10 year lease hold any value to a bank? Any input is appreciated! Thanks!