Over the long term, you should save for replacement of every facility you are responsible for at the rate of [how fast does it decay / cost to repair].
You buy into that cycle somewhere along its depreciation life and eventually you or someone down the line will have to repair the roads, redo the parking spaces, replace the sewer pipes, etc.
I figure 30 years on average is a good rule of thumb – you’ll have to “rebuild” it from scratch over a 30 year mortgage. I figure approx cost to rebuild is $20k plus roads, although that’s a complete ballpark. Roads are a huge expense. In the alternative, purchase price again over 30 years maybe stretch to 50 years. 2% of your purchase price is 25% of your NOI if you bought at an 8% cap rate. Food for thought. Of course you can discount that over 30 years too so maybe less.
The big hits can come suddenly unless you plan way ahead. (Sewer failure is a quick way to get shut down).