I've thought about splitting the water bill out proportionately to the number of tenants and then the gas bill by square footage of the units.

This property is only of the only 3 X 2.5 as most are 3X2 or even 3X1 and 15%-30% less sq footage.

Side note; seattle 1 bedrooms are having dramatic increases in vacancy rates.The retail apocolypse that will kill 40 percent of that sectors square footage needs in the coming decade, no yeild in bonds, artificially cheap money(interest rates) and an old bull equities market has everybody fishing in the same shallow pond.Please keep your job until you have something SECURED.

I would look for location obviously and enough square footage so that you don't have to get into permits to expand.

Lease rates and overall square footage in industrial properties are inversely related.

For example, 10 years down the road I want to look at average roof prices based on square footage - That's hard to do with 100 excel sheets. 

I looked through recent sales in the area based on Sq. footage and format and made an estimate on that as well as what Zillow estimates for the average value of the houses of the same format in that neighborhood.

Appraisers generally are looking at rents and square footage when selecting comps depending on the type of property.

If you know your square footage of walls and floors, then itemizing becomes easier and easier the more you do it.

Generally you want to find properties SOLD (not just listed) in the same neighborhood or general area with similar features, sq footage and updates that you plan to do.