Cap rates and leases are not costs but rather informational references for expected income. If I understand your question correctly, what you are asking is what else to look for when analyzing/choosing an investment.
There may not be one clear answer but the most important question to ask is: Is this a good investment FOR ME? Are you knowledgeable in the type of business, area where it is located, type of building etc.? For example, a restaurant can have great numbers but if you are not familiar with the restaurant business, it may not be a good investment for you. If you are already clear on what type of investment you want, then you can look at the cap rate and the nature of the leases in place. Other financial data to look at for the building/investment itself is the actual costs it incurs (insurance, taxes, commissions paid, maintenance, assessments, etc). Beyond the building/business itself, look at extrinsic factors: the trade area, vacancy rate, rate of absorption, future projects/competition in the area, etc.
Also, it is important that you determine your required "cap rate" and see how comfortable you feel with taking over more risk in exchange for a higher rate of return. For example, are you comfortable investing in a secondary/tertiary market where there may be more risk, but where you would find better prices/returns (higher cap rates). I hope this was helpful and I understood your question.
May 16, 2017