I have had quite a few Wholesalers and Real Estate Agents send me lists but none of the properties even come close to that formula for my purchase price.

If you have the right formula you should be able to cut out one apartment and pay for it with the other two but you know you don't get to depreciate all three apartments and expenses, right?

I made an 'income statement' for the property and came up with the following #'s; Effective Gross Income = $29,760 ($32,400 + $600 in coin laundry less 10% vacancy allowance) Total Operating/Fixed Expenses = $13,737 ($3987 in property taxes AFTER renos and at an assumption of a new assessed value of $300k- used formula on city website to calculate this #) ($4464 for reserves and replacements (15%)) ($1786 in management fees (used conservative 6%, but I would be doing this, not another company.

Is there a formula or something to calculate the value of a commercial rental property.

@Brian Maida;the excel formula for FUTURE VALUE=FV(C5;C4;C6;C7) in cell d8 for a 1% return per year for 20yrs

In addition to what Wayne says above, there are other formulas to determine maximum offer price -- a percentage of resale value is just one formula and not one that everyone uses (for example, I don't use a percentage).

Or are you looking for formulas and comps to know what to rent the unit for?

I see listings all the time using that formula, especially here in the Marketplace. 

I personally feel that this is overkill and truly a waste of time since risk is a relative term that can't be quantified by one, absolute number.I recommend a much more simple strategy that works very well for Kansas City's markets.Basically, I look at 3 things:1) LocationA) Inner city - Highest RiskB) Midtown (areas surrounding the inner city) - Medium riskC) Suburbs and surrounding cities - Lowest risk2) Property TypeA) Single family homes - Highest riskB) Multi Family - Medium riskC) Commercial (office space/ retail space) - Lowest risk3) Property ConditionA) Needs major work - Highest riskB) Needs minor work - Medium riskC) Needs no work - Lowest riskSo,  based on this formula, you can see that if you were to choose a house in the inner city that needs a complete rehab, you would be taking the highest risk.  

It was a simple formula.