There may be some local factors (nearby construction development or major change) influencing the owner to sell at a discount OR perhaps the owner has not been keeping up with capital improvements and the tenant base as suffered and therefore actual collections of rent have been impacted.

Either one will give you the road map to not only fixing what's keeping your score low, but keep you from spending money on things that aren't impacting your score. 

Commercial properties offer an opportunity for forced appreciation in several ways which can yield exteremly high returns and there is less competition at the higher dollar properties, still plenty but less.

If rehabs in my neighborhood are all doing central AC I may be forced to do the same.

We’ve had some local institutional clients pause on most of their storage projects because of the impact of these cost.

@Lisa TonerAssessments can change every year(depending on the county).Some reassess every year, some reassess every 3 years, some reassess at the time of sale, some reassess at the time a permit is pulled.Changes in reassessments dont normally have an impact on calculation of depreciation.

This will help you start to see how these criteria impact what your site can actually support, so when you actually pursue a project site and you get an engineer involved you aren't surprised by what he tells you can be designed for that property. 

Rehab should force appreciation, but sometimes your opinion on value doesn't match the appraisers opinion.

My ethics would force me to.

(forced appreciation) It could be accomplished by purchasing the property for less than what it's worth but that's very unlikely for a property in excellent condition.