The rent and outgoings paid by tenants needs to be scrutinised against current market rates. It’s important these rates are in-line with market.
Understand the true WALE (Weighted Average Lease Expiry) of the property.
Like residential property, the condition of the property should be reviewed by a professional building consultant. Ideally, a property should have a point of difference above other competitive properties in the same market. An assessment should be made on how easy it would be to secure a new tenant should the existing tenant vacate. It is important that an investor focuses on the fundamentals of the property and not who the current tenant is. Tenants can come and go however a property with the correct fundamentals will ensure the property is leasable. This is what you are seeking with a commercial investment.
Review the lease or leases to ensure they are well written and structured. Too often leases are grey and in most cases this creates a problem down the track.