What is the cap rate in CRE?

Excuse me, but could you elaborate on what the cap rate stands for in the context of commercial real estate (CRE)? As a novice investor, I'm eager to understand how this metric is calculated and what insights it provides when assessing the potential profitability of a CRE investment. Is it simply a measure of the return on investment, or does it encompass other factors as well? Your guidance would be greatly appreciated.