The cap rate is dependent on what you want, with 8 to 12 % typical for conservative investments with pre-existing leases.
Look closely at the cash flows more than simply rates. The multi tenant situation may mean a better spread of risk, so you are not tied into one tenant, unless that tenant is a govenment entity or a national company/corporate leasee such as a Mc Donalds.
You need to first have a clear understanding of yourself and the risk you are willing to take, and the timeframe of that risk. Make up a spreadsheet of what is acceptable to you. Then take properties such as those listed on loopnet.com and see what is out there in the commercial sector.
For retail, traffic flow is extremely important. For various industries, what is more important such as access..to utilities, people, foot traffic, vehicular traffic, etc need to be considered.