怕降息后涨价，下单一个麦当劳,NOI $60k, asking cap rate 3.5%, offering

Cap rate 3.75%,口头offering 4%,卖家不答应。zero landlord responsibility, NNN ground lease, 还有五年到期，有涨租可能。在TX一个大城市，地段不错，周围有三个超大型公寓楼群，一共900多单元。就是这个cap rate太太低。自我安慰一下：图个低风险、土地增值潜力、不操心吧。

不同意。

如果它不租了可以选择把那建筑搬走，但是大多数这种都是20年lease,再加5个五年的options. 

My understanding is that the ground lease (land) doesn't allow depreciation and other expenses that can offset income in Fee Simple.