If not, where is the cap ex costs?  

Commercial properties are measured on NOI or Cap rates. 

I have it in my lease specifically that even though utilities are "included" there are caps on the monthly amount I will pay and the tenant will be billed for anything above that amount.

Monthly cashflow does not account for vacancy, repair, cap ex.

Cap rates are not everything though.

You are also capped at 75% of the ARV in most cases. 

Crunch the numbers - Carefully calculate potential cash flow, ROI, and cap rate.

@David Lutz total operating expenses at about 40% with cap ex at about 10%.

Selling them together at a 9% cap rate would likely be successful as 8 units are unusual and the price point ($775,000) makes them accessible and unique for someone with a smaller amount who is getting started in bigger buildings What made you interested in investing in this type of deal?

Selling them together at a 9% cap rate would likely be successful as 8 units are unusual and the price point ($775,000) makes them accessible and unique for someone with a smaller amount who is getting started in bigger buildings.