Net Lease Investment Group

NNN Property Investments.
Built for Durable Cash Flow.

Corporate Credit · Absolute NNN · Long-Term Leases

CAP X EQUITY acquires NNN assets backed by real tenant credit and long-term leases.

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Current Acquisition Criteria

We keep the buy box intentionally simple.

We look for straightforward net lease deals where the tenant, lease, location, and exit make sense before we ever get excited about the yield.

Purchase Price
$1M to $5M
Lease Structure
Absolute NNN only
Tenant Credit
Strong national or regional operators
Lease Term
10+ years remaining
Markets
Sunbelt and high-growth suburban locations
Target Yield
6.75%+ cap rates

Every opportunity is tested against debt assumptions, renewal probability, replacement rent, and the likely buyer universe on exit.

Investment Thesis

Why Net Lease.
Why Now.

01

Credit Drives Everything

The tenant matters more than the building. We want operators with real staying power, not a nice logo over a thin balance sheet.

Tenant Strength First
02

The Spread Exists Again

Cap rate means nothing without spread. We care about yield after debt, lease term, and whether cash flow holds under pressure.

Yield Has to Earn Its Risk
03

Exit Is Underwritten at Entry

Before we buy, we ask who buys it next. A thin exit market is a no — regardless of current yield.

Exit Before Entry

Interested in how we evaluate a deal before it ever reaches investors?

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Underwriting Discipline

Risk Filters

If the risk is unclear, we pass. Simple cash flow does not need a complicated explanation.

What We Underwrite

Credit
Corporate guarantee or durable operating strength
Lease
Minimal landlord obligations and clear rent schedule
Basis
Price supported by replacement cost and local rent logic
Market
Real population, traffic, income, and tenant demand
Debt
Positive leverage under conservative financing assumptions
Exit
A clear buyer pool if and when it is time to sell

What We Pass On

Franchisee guarantees
Ground leases
Sub-target cap rates
Less than 10 years remaining
NN or gross lease structures
Rural or tertiary markets
Matthew Baltzell

Founder

Matthew
Baltzell

Principal & Founder, CAP X EQUITY

CAP X EQUITY was built on a simple premise: investors need cash flow they can understand, debt that is manageable, and assets that do not require perfect execution to survive.

In recent years, many real estate investors were caught in deals that relied on aggressive rent growth, floating-rate debt, and repeated capital calls. That shaped how we think about risk.

Matthew began his career at Boardwalk Wealth, a private equity real estate firm, where he was involved in asset management and investment analysis across a portfolio exceeding $50M.

We believe good investing is usually boring: strong tenants, long leases, and disciplined underwriting.

Matthew Baltzell signature

Matthew Baltzell