Retail property analysis

[Ray Trounday]

All, 

I am looking for some guidance on market evaluation of a retail space in Santa Cruz County.  The property is currently operated as a Foster Freeze and is generating $3200/mo or $38,400 annually in rent.  The tenants are responsible for common area maintenance, water and garbage.  The retail space is on a corner lot with bldg approximately 1500 sq ft that operates a Foster Freeze business.  The current tenants are in the 3rd of a 5 year lease and are current that expires in 2023.  I would appreaciate some guidance on how may arrive at a conservative offer or even reasons I should offer on this space.  The seller called as a result of postcard mailer.  Thanks in advance, Ray