There is no legal limit to what you can raise residential rents by. One year I had to put a new roof and new carpet in the corridors on an apartment building and we increased rents by around 4.5% that year and we were allowed to because it was considered reasonable given the capital investments made. On this building you would be hard to justify large increases as there are no major renos to complete going forward, they would have to be small and close to the CPI
I think the 286k is inclusive of the commercial space and that is NET, not gross. You won't be taking that home. As I said in 10 years property taxes will be 60-80k a year. The 286k is likely also based on 100% occupancy and we all know you will have vacancies to account for. Here's a shocker for you renters, as landlords we build in a vacancy factor and build it into the tenants rent
Typically commercial leases are 5 years with tenant options to renew for several more 5 year terms. Only in junky buildings do you rent commercial space month to month. I assume everyone knows what triple net rent is as well?
I'd have to see the books to really determine the true value, but it is high