I assume that you are asking for a cap rate when evaluating a purchase or a sale of a property that is made up of predominately national tenant leases.
This is a difficult question to answer specifically because it will depend on the quality of the national tenant, whether it is a single-tenant or a multi-tenant building, the amount of time left on the lease, the increases that are contained in options to extend a lease, the segment for which the property is zoned; the quality and location of the property.
Generally, a capitalization rate of return from a low of 5% to a high of 7% may be your answer. And of course there is quite a difference in what you will pay for a property in this differential of 2%.
Onward and Upward Mohammad.....
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Jun 4, 2013