I am currently looking at a day care nnn deal with 15 yrs left on lease and is corporate guaranteed. All at a cap rate of 6.5%. The nnn rent is atleast 20% less than market rent. Also, it's in a populated neighborhood of New Jersey where abundant jobs exist. Rent increases every year are capped by consumer price index. On paper, it looks like a great deal if I get 10yr loan at 4.25-4.5, I would get cash on cash at 10-11% with 25% down on 2 million dollar purchase price. I haven't seen the lease yet, but the fact that leasing rate is less than market rent makes the deal juicy. Need some expert opinions on this.