Please help me understand when this deal would make sense.

[Sabino Gonzalez]

There is a commercial property available right now near my home that is priced at $2.45 million dollars. This is for the land only, but there is a building built on the land that is owned by the tenant. 

They are advertising a cap rate of 4%

This is a small corner on a busy intersection in the middle of town. 

It has a brand new restaurant (well known chain) with a new 20 year lease. The lease pays $99K per year net income and it has a 10% increase every 5 years. 

If you add that up for the remainder of the 20 year lease, that only adds up to $2.3 million. 

Why would anyone buy this? Or better yet when would it make sense to make such a purchase? 

If you pay cash you have to wait almost 30 years to break even!!!

What am I missing?

Thanks