Many studies have proven that a price cap leads to scarcity of units - people won’t leave a multi-bedroom unit even when the extra bedrooms are no longer needed  because it will costs them more to move to a smaller unit.  

But as other have stated, the cap rates are crazy low in Austin.

Question: Any advice on what to look for regarding cap rate for commercial property w/ partial NNN lease?

Cap rate and Cash on cash are low or negative too.

You have to divide by cap rate, so in reality that 3% savings would equate to a much larger gain in equity depending on your market cap rates. 

I factored in 5% of rent a month for vacancy, 10% for repairs, and 11% for Cap EX.

Attached is the Cap for review.

What is the typical target cap rate/IRR range for a hospitality, retail or apartment complex?

I’m just thinking I I could jus keep it there for cap ex right vacancy maintenance fees

Depends on how much detail you want to get into but their is a spreadsheet by @ Sam Tato in the files section that details cap ex.