Maybe the real numbers show a cap of 6% or so.

What is a cap?

At face value, this looks like it could have a CAP rate of .40+.

If they freeze it and you have the money in use, no biggie unless you were about to use it for a purchase or for a cap ex item, or for just paying bills in case you had a sudden drop in occupancy.

You can get a credit tenant loan at much higher LTV's from lenders because they see it as less risk.With the seller holding back a second you can get in for not much down.Hit a CAP of 7 to 9 going in and with triple net sit back and collect mailbox money.The downside is rent increases are set in stone and may not rise as fast as inflation diminishing returns.Also you have to pay special attention to the vintage of the lease.Typically they go for 20 to 25 years total.A newly signed lease has more security after the store has been built than a vintage 15 years in.They could decide not to renew and when you rent out to the new tenant as a second or third generational space the price per sq ft will typically be lower.So with 2 million I would do some safe CAP properties and then mix in the distressed multifamily for aggressive growth.

Is it better to do all bills paid with a cap on usage? 

I purchased a property a little over 2 years ago in Utah county with a cap rate at 9-10% and cash ROI of about 13%.

If you're trying to divide by what the property is "worth" you will run into a circular argument, since at quads and higher the market tends to set a cap rate and the prices follow, rather than the other way around.With your numbers, this thing is going to have a very good cap rate (around 13%) but I think your sale price may be overly optimistic for a quad with gross rents of $4000/month.

I gave up control of the contractors and a cap on spending.

My partner and I bought a 6-unit building in San Jose for $1.175M with a gross rent of $7,250 and a cap rate of 3.7%.