Yneed to keep it consistent with your area.

Do I just multiply 1803sq ft by $118.76 and call it good?

The existing tenants are long-term and consist(ed) of a pharmacy, medical clinic, dentist, law firm, bail bondsman, and 4,000+ of vacant space.

If you have a nice pool of candidates consistently though and you can keep the place filled, than 3x the rent requirement makes sense as it's just another level of screening and can't hurt.

Sometimes an 8% consistent return may be better than the initial 12% you were quoted on paper.  

Then I calculate the price per square foot and gross rent multiplier for each property.

Well I have consistently NOT done that.

Identified and started to set up SYSTEMS.A guru (or two, or six) once taught me CONSISTENCY in my marketing was the key.

The reason I did it that way is because Philly L&I (License & Inspections) is consistently updating construction requirements.

@Jerry Zhou ,I hear there are not any properties in the Bay area generating positive cash flow.. but the Bay only consists of the Peninsula, SF, the Oakland/Berkeley Hills, and beyond....but check my post above..