It might be lower than 10%.  

(Or, refi into lower interest rate / longer term loans). 

Considering you plan to put 0$ down, in a competitive market you may have it come back lower, especially on a multi-family property.

Often, this means either lower LTV, shorter term, higher rates, more points, etc.

My partner and I are looking at a 128 unit complex that's made up of 8 16 unit buildings, with a average rent of $450. The building was made in 1960.We're not entirely sure how much we should project for maintenance /...

I definitely don't plan to pay the asking price I'm going to ask 25k lower.

Then I have an appraisal conducted with a floor plan that dictates a full build-out of the same space to create offices with kitchenettes, bathrooms, storage closets, etc. then should the 2nd appraisal still reflect a 9.0% cap rate or can the cap rate be lowered by the build-out?

Although it did not make sense for me at the time since a shorter time frame increases the monthly mortgage payment, the bank accepted the deal. 

People post ads on CL claiming to be renting out the property and take advantage of renters' excitement of lower deposit/monthly rent. 

A 20 year initial lease on a business that is growing in an industry that will only get bigger with a strong lease guaranty would have a significantly lower cap rate than a 10 year lease with a struggling company you're looking to turn around.That being said... as I started: I don't believe you are being unfair.