I currently have 2 properties, for 5 doors, which are cash flowing about $1000 a month, after all expenses, cap ex, etc. 

The cap rate is one tool among many and this one is really only able to give an apples-to-apples comparison about the sale price across multiple commercial properties.

Virtually all large cap ex items have a life time beyond 8 years.   

Accounting for 10% management, 5% vacancy (2 year lease locked in on tenant that has been there 2 years already..) 10% cap ex, and 5% maintenance.

My suggestion would be to cap your utilities at a certain amount and have Tenants pay anything over that amount.That will help you manage your expenses, and also allow Tenants to gage their usage each month, and make adjustments if they don't want to go over the allotted amount.As far as collection, provide the bill showing any overages and just have them pay for it along with their rent. 

There seems to be an endless number of these listed with attractive cap rates.

Set a utility usage cap that is stated and agreed to in your lease agreement.

When does the rate cap expire?

Georgia Amendment 1, which authorizes the General Assembly to implement a statewide homestead property tax exemption, has far-reaching implications for both current homeowners and the broader real estate market.Short-Term Positive Impacts for HomeownersThe primary benefit of Amendment 1 is the cap it places on the annual increase in a home’s assessed value, limiting it to the statewide inflation rate.

What gives you more bang for your buck?