Quoted yields are usually gross: annual rent divided by purchase price, with nothing deducted. Realised yields sit two to three points lower once you account for vacancy, brokerage on re-letting, maintenance and property tax.
Ask for the lease structure rather than the yield. Lock-in period, escalation clause, notice period and who pays the common-area maintenance decide the actual return.
A shorter lock-in on a strong covenant is often worth more than a longer lock-in on a weak one — the tenant's balance sheet is part of the asset.
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