whats important in addition to cap rate is the spread between lending rate and the cap rate.
if you cant get at least a 1.7% spread, then you wont be making much on your equity. always keep in mind your alternatives, from the safe rate (return on the 10 yr treasury) to CDs. if you aren't getting much of a risk premium (ie the return above the risk free rate), then why do it?

if the loan will be at least $1M, you'll get better rates. as of today, I am seeing in the 6.5% range amort 30 years. if you go with an insurance company lending program, they have lower rates but shorter amortization periods (say 6.15% amort 25 yrs). most lenders will also want to see at least a 7-8 year primary lease term, preferably 10 years.

also, if you want to find out just how strong 7-11 is, look them up on Standard and Poors. investment-grade tenants should be rated BBB or better. also check them out on yahoo finance.