Impact of Tenant Quality on Real Estate Investment Returns

Jack is considering investing directly in real estate. He has identified a commercial property that is currently leased to a stable tenant with a long-term contract. Jack plans to hold the property for appreciation and to receive rental income. As Jack evaluates this potential investment, he is looking for factors that will influence the property's return.

Which of the following factors is most likely to have the greatest impact on Jack's expected total return from this real estate investment?