How to adjust broker NOI to derive a realistic going-in cap rate?

[AndrewUR]

I'm analyzing my first potential commercial real estate investment, a small retail strip center, and while I understand the basic cap rate formula, I'm struggling to interpret what the resulting percentage actually means for long-term viability, especially since the quoted cap rate seems low compared to other properties in different parts of the city. The broker provided a pro forma with projected net operating income, but I'm unsure how to accurately adjust it for realistic vacancy rates, maintenance costs, and potential property tax increases to calculate a more reliable going-in cap rate for my own underwriting. For experienced investors, what are the key adjustments you make to broker-provided NOI to get to a realistic cap rate, and how do you factor in location-specific risks and future rent growth potential when evaluating whether a cap rate is attractive? Is there a standard range or benchmark you use for different asset classes in today's market?