What is the realistic investment return profile?

$145/SF entry, $9.53/SF NNN, 6% vacancy, 65% LTV produces ~7.5% cash-on-cash. 5-year exit at 6.0–6.5% cap = $180–$280/SF = 24–93% appreciation. Total 5-year return: 80–130% on equity. The WPC $340/SF comp is aspirational — realistic exit is $200–$240/SF for primary corridor stabilized.