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Confidential · 506(c) OfferingAvailable exclusively to verified accredited investors

3611 Ramsey Street

83,041 SF Flex Center (Retail / Office) · Fayetteville, North Carolina

Limited Partner Offering Memorandum

All-in Basis$9,189,250
Going-In Cap Rate10.47%
Occupancy100% Leased
Minimum Investment$100,000

Marmot Industrial Income Fund I, LP · Confidential Offering Memorandum · January 2026

01 · Overview

Investment Summary

A plain-language walk through the deal — what we're buying, why, and how the partnership works.

Why this property

We're real estate professionals who seek undervalued properties across the United States. This building was attractive because we are purchasing it at a significant discount to market value. The opportunity existed because other buyers were scared off, uncertain whether the anchor tenant would renew. Through diligence we confirmed the tenant committed to extend through 2030, and we put an offer in before most others knew. We therefore expect to sell at a lower cap rate than we purchased — in commercial real estate, a lower cap rate means a higher price.

How the partnership works

We're opening this offering to investors known as Limited Partners (LPs), and we'll be the General Partner (GP). We manage everything and send annual reports. Subject to available cash flow, LPs are entitled to an 8% preferred return, cumulative and non-compounding, targeted to be distributed quarterly before the GP receives promote distributions. The preferred return is a priority of distribution; it is not a guaranteed payment.

Returns & tax treatment

At year-end LPs receive a Form K-1 for tax reporting and participate in real estate's tax benefits including depreciation. We're targeting an average 16.3% annual return (a levered IRR) and a 1.89x equity multiple (LP-level, base case), inclusive of the eventual sale. These are sponsor underwriting targets and are not guarantees.

Logistics

Plan on funds being tied up 4–8 years depending on market conditions — please don't invest money you'll need in the near term. Minimum $100,000, open only to accredited investors.

Note: Targets shown are sponsor underwriting projections, not guarantees. Past performance is not indicative of future results. This is a Reg D 506(c) offering open only to verified accredited investors.

02 · Offering

Executive Summary

Five pillars of the investment thesis and the underwriting outputs that support them.

Credit-Anchored Income

Anchored by CACI, Inc.-Federal (Delaware subsidiary of NYSE: CACI International Inc.), contributing ~67% of NOI. CACI parent rated Moody's Ba1 (S&P BB+ equivalent, top of speculative grade). Tenant concentration partially mitigated by CACI's recent expansion and lease extension through June 2030.

Entry Basis Below Replacement Cost

Modeled purchase price of $8.9M (~$107/SF) with an all-in basis of $9.19M. Going-in cap rate is 10.47% on purchase price and 10.14% on all-in basis.

Contractual Cash Flow

100% leased to 2 NNN tenants with 3–4% annual escalations. Base case underwriting assumes steady contractual growth over a 5-year hold period.

Reduced Near-Term CapEx

Major 2020 renovation (roof, facade, parking, tenant upfits). Property Condition Assessment pending; HVAC ages, roof warranty status, and capex reserve sizing to be confirmed during DD.

Sponsor Co-Investment

Marmot principals co-invest alongside LP capital. Sponsor compensation is limited to acquisition, disposition, and asset management fees and promote above the 8% preferred return.

All-in Basis$9.19M10.47% Going-In Cap
Equity Required~$3.84M60.1% LTV
Key Underwriting Outputs
Year 1 Net Operating Income(Target, not guarantee)
$931,966
Debt Service Coverage (DSCR)
2.22x
Debt Yield
17.4%
LP Target Returns (5-Year)
Levered IRR
14% – 20% (base 16.3%)
Equity Multiple
1.71x – 2.24x (base 1.89x)
Avg. Cash-on-Cash
~12.7% (base)

Range reflects Bear/Base/Bull exit cap scenarios — see Cap Rate Reconciliation.

03 · Specifications

Property Overview

83,041 SF flex center on 5.6 acres in North Fayetteville — masonry construction, major 2020 renovation.

Aerial Overview
Building Specs
Address
3611 Ramsey St, Fayetteville, NC
Property Type
Flex Center (Retail/Office)
Building Size
83,041 SF
Site Size
5.60 Acres
Year Built / Reno
1966 / 2020 (Major Reno)
Zoning
CC – Community Commercial
Construction
Masonry
Clear Height
18' 6"
Column Spacing
25' × 50'
Sprinkler
Wet System
Utilities
City Water/Sewer, Gas
Highlights
  • Adaptive reuse success story
  • Large parking field
  • Recent roof replacement (2020)
  • Demised utilities per tenant
  • Facade upgrade & painting (2020)
  • Full tenant upfit in >50% of center
04 · Tenancy

Tenant & Lease Profile

100% leased · 2 NNN tenants · WALT 3.9 Years

TenantSq FtShareRent / SFEscalationsLease Exp.
CACI (Main Space)62,16374.9%$10.503.0%Jun 2030
CACI (Expansion)8,87810.7%$11.553.0%Jun 2030
MANNA Church12,00014.4%$11.404.0%Aug 2027
TOTAL / AVG83,041100%$10.743 – 4%3.9 Years WALT

All leases are NNN with full pass-through of Taxes, Insurance, and CAM. The CACI expansion via First Amendment (April 2025) extended the lease term to June 30, 2030. The First Amendment also contains a government contract termination right (Section 3) effective after Aug 2027, mitigated by the NIWC Atlantic award through March 2031.

Anchor Profile: CACI

Lease is signed by CACI, Inc.-Federal (a Delaware subsidiary). Parent NYSE: CACI International Inc. is rated Moody's Ba1 (S&P BB+ equivalent, top of speculative grade). Combined CACI premises account for ~85% of the total GLA and ~67% of the Net Operating Income.

NYSE: CACIMoody's Ba1 / S&P BB+
Lease Structure

Both tenants operate under NNN leases, minimizing landlord exposure to rising operating costs. Tenants reimburse prorated shares of Taxes, Insurance, and CAM.

Income Growth

Contractual rent escalations of 3% (CACI) and 4% (MANNA) are intended to support targeted organic NOI growth over the hold period, subject to tenants continuing to perform.

05 · Tenant Spotlight

Tenant Spotlight: CACI

62,163 SF · Anchor Tenant · ~67% of NOI

Main Entrance · Office Corridor · Open Workstations · Operations Floor
Tenant Profile
Tenant
CACI, Inc.-Federal
Ticker
NYSE: CACI
Credit
Ba1 / BB+ (top of speculative grade)
Industry
Government IT & Defense Services
Sector Div.
Multi-contract federal portfolio
Lease Highlights
  • 71,041 SF combined (~85% of total GLA)
  • NNN lease structure
  • 3.0% annual rent escalations
  • Lease expires June 2030
  • Recently expanded via First Amendment (April 2025)
Why This Matters

The CACI group is a publicly-traded federal IT and defense services contractor (parent: NYSE: CACI International Inc., Moody's Ba1 / S&P BB+ equivalent) with a multi-decade footprint at the property. The NIWC Atlantic satcom support contract (awarded March 13, 2026, runs through March 12, 2031, with five option years) supports CACI operational continuity at the premises. The First Amendment Section 3 government contract termination right (effective after Aug 2027) is mitigated for the current cycle but not eliminated.

06 · Tenant Spotlight

Tenant Spotlight: MANNA Church

12,000 SF · Multi-Use Community Space · Lease through 2027

Main Sanctuary · Fellowship & Community Hall · Children's Ministry · Youth & Recreation
Tenant Profile
Tenant
MANNA Church
Type
Multi-Campus Regional Church
Industry
Religious / Community Services
Use
Worship · Children's Ministry · Youth · Fellowship
Tenure
Long-standing presence in Fayetteville market
Lease Highlights
  • 12,000 SF (~15% of total GLA)
  • NNN lease structure
  • 4.0% annual rent escalations
  • Lease expires August 2027
  • Two 5-year renewal options at 104% of prior rent
Why This Matters

MANNA Church operates a fully built-out, active multi-use facility — sanctuary, classrooms, fellowship and children's ministry — representing significant tenant investment and long-term commitment to the location. Two 5-year renewal options exist under the lease at 104% of prior-year rent. The sponsor is engaging the tenant on renewal ahead of the contractual notice deadline (~March 2027).

07 · Performance

Financial Snapshot

In-place income, revenue composition, and the valuation analysis underlying our entry yield.

Annualized Revenue Composition
CACI (Main) Base Rent$672,60467.1%
CACI (Expansion) Rent$103,05910.3%
MANNA Church Rent$136,81213.6%
CAM Reimbursements$90,0619.0%
Effective Gross Income (EGI)$1,002,536
Expense Structure & NNN Pass-Through
  • NNN Leases: Tenants reimburse taxes, insurance, and CAM, limiting landlord inflation exposure.
  • Tenant Shares: CACI contributes ~$81k (77.2%) and MANNA contributes ~$16k (15%).
  • 2025 Budget: Total operating expenses budgeted at $105,024.
  • Reimbursement: 2023 actuals ($90k) vs 2025 budget ($105k) shows efficient pass-through mechanism.
Modeled Year 1 NOI (v1.6)$931,966NOI per sponsor underwriting model (v1.6)
Valuation Analysis
Sponsor Basis10.14%Cap Rate @ $9.19M
OM Ask10.36%Cap Rate @ $9.0M

OM cap rate shown per seller materials; at the OM ask, sponsor underwriting indicates a lower yield versus our all-in basis. The 10.47% purchase / 10.14% all-in entry reflects three property-specific factors: (a) initial vacancy at sourcing, since resolved with full lease-up to two NNN tenants; (b) lease-rollover concerns, mitigated by CACI's extension to June 30, 2030 (with a Section 3 termination right after Aug 2027 mitigated by the NIWC Atlantic award through March 2031) and ongoing MANNA renewal discussions; and (c) a limited buyer pool for credit-tenant flex assets in the Fayetteville tertiary market. Current market cap rates for comparable assets are estimated below 9%.

08 · Capital Structure

Financing & Capital Structure

60.1% LTV · 5-Year Term · Recourse (negotiation ongoing) — financing per the Truliant FCU term sheet; sponsor negotiating recourse burn-off.

Proposed Debt Terms
Loan Amount
$5,350,000
Loan-to-Value (LTV)
60.1%
Interest Rate
6.15% (fixed)
Amortization
25 Years
Loan Term
5 Years
Sources & Uses of Capital
Sources
  • New First Mortgage$5,350,000
  • Sponsor Equity$3,839,250
Uses
  • Purchase Price$8,900,000
  • Closing Costs & Reserves$289,250
Debt Service Coverage2.22xYear 1 DSCR based on Year 1 NOI
Debt Yield17.4%Year 1 NOI divided by Loan Amount

Note: Financing terms reflect the May 11, 2026 Truliant Federal Credit Union term sheet; final terms are subject to lender approval. Recourse: the acquisition debt is being provided on a recourse basis with unlimited joint and several personal guarantees from the three Marmot principals. The sponsor is negotiating for burn-off triggers and/or a several-only structure prior to final loan documents.

09 · Returns

Projected Returns

5-Year Hold · Base Case Underwriting · Project-Level (pre-promote) — see LP-Level (net) section below.

Levered IRR19.0%Range: 16% – 24%5-Year Internal Rate of Return
Equity Multiple2.07xRange: 1.84x – 2.50xTotal Cash Distributed / Equity
Avg. Cash-on-Cash14.9%Annual Pre-Tax Cash Flow (flat across exit-cap cases)
Min DSCR2.22xDebt Service Coverage Ratio
Projected Net Cash Flow (After Debt Service)
Operating Cash FlowNet Sales Proceeds
Year 1Year 2Year 3Year 4Year 5 (Exit)
Key AssumptionsHold Period: 5 YearsRent Growth: 3% – 4% AnnualExit Cap Rate: 10.5% (Base — flat to entry)LTV: 60.1%

Targets shown reflect base case underwriting; actual results may differ materially.

10 · Execution

Business Plan & Exit Strategy

5-Year Hold · Base Case Execution Plan — acquisition through disposition.

Year 0

Acquisition

  • Close acquisition at $8.9M (Base Case Model Price).
  • Secure 60.1% LTV financing (6.15% fixed, 5-yr term, recourse subject to negotiation).
  • Transfer tenant relations and implement management.
Year 1 – 2

Stabilization

  • Maintain 100% occupancy with credit tenant CACI through June 2030 commitment.
  • Realize 3–4% annual contractual rent escalations.
  • Execute light CapEx plan (property recently renovated).
Year 3 – 4

Optimization

  • MANNA Church: Expires 8/2027 (15% of space).
  • Begin renewal discussions early. The CACI NIWC Atlantic contract through March 2031 supports continued occupancy; the Section 3 termination right after Aug 2027 is mitigated for the current cycle.
  • Maximize NOI ahead of disposition window.
Year 5

Disposition

  • Position asset as a stabilized, high-yield credit investment.
  • Market for sale or refinance principal balance.
  • Return capital to investors (LP target 1.89x base · 1.71–2.24x range).
Target Hold Period5 Years
Exit Cap Rate (Base)10.5% — Flat to Entry
Projected Levered IRR19.0% (Base) · 16–24% Range

Self-management approach: GP team is establishing local presence in North Carolina to self-manage operations, providing direct asset oversight rather than relying on a third-party manager. Base case assumes CACI lease remains in place through 2030, providing buyer with stable in-place income at exit.

11 · Sensitivity

Cap Rate Reconciliation

Why 10.47% going-in · What it means at exit · 5-year sensitivity across exit cap scenarios.

Why We're Acquiring at 10.47%

Comparable credit-tenant flex assets in similar markets currently transact at sub-9% cap rates. Our 10.47% going-in basis reflects three property-specific factors at the time of contract:

  1. Initial vacancy at sourcing — the property was partially vacant when we negotiated the price. It is now 100% leased to two NNN tenants.
  2. Lease-rollover overhang — CACI has since extended the lease through June 30, 2030 (with a Section 3 government contract termination right mitigated for the current cycle by the NIWC Atlantic award through March 2031), and renewal discussions with MANNA Church are in progress.
  3. Limited buyer pool — credit-tenant flex assets in the Fayetteville tertiary market see narrower competitive bidding than primary markets.
Exit Cap Rate Sensitivity (Project-Level, 5-Yr Hold)
Bear CaseCap Rate Expansion
Exit Cap
11.5%
Levered IRR
16.1%
Equity Multiple
1.84x
Avg Cash-on-Cash
14.9%
Base CaseOUR UNDERWRITING STANDARD
Exit Cap
10.5%
Levered IRR
19.0%
Equity Multiple
2.07x
Avg Cash-on-Cash
14.9%
Bull CaseCap Rate Compression
Exit Cap
9.0%
Levered IRR
23.9%
Equity Multiple
2.50x
Avg Cash-on-Cash
14.9%

We underwrite the Base Case (cap rate flat to entry) as our standard. The Bull case is upside, not the assumption. All figures are project-level; LP returns net of sponsor compensation are shown next.

12 · Economics

Investor Returns & Sponsor Economics

What You Get · What We Get · No Surprises — fully disclosed fees, promote, and LP-level net returns.

Project-Level ReturnsPre-Promote, Pre-Fee · What the Building Produces
Levered IRR
19.0%
Equity Multiple
2.07x
Avg Cash-on-Cash
14.9%

Gross of all sponsor compensation.

Δ Fees
LP-Level Returns (Net)After All Sponsor Fees & Promote · What You Receive
Levered IRR
16.3%
Equity Multiple
1.89x
Avg Cash-on-Cash
12.7%

Net of acquisition, asset management, and disposition fees, and the 80/20 promote above the 8% preferred return. Base case underwriting.

Sponsor / GP Compensation Schedule
Acquisition Fee
1.00% of gross purchase price
Asset Management Fee
1.00% of LP equity per year
Disposition Fee
1.00% of gross sales price
Promote / Carry
80% LP / 20% GP split of all cash flow and proceeds above 8% pref (no catch-up)
Property Management
Self-managed by GP — NO third-party PM fee charged to ownership
Construction Management
None — no major capital projects planned. Any construction management fee for CapEx will be presented to LPs for approval.
Preferred Return to LP
8.0% per annum, cumulative and non-compounding (priority of distribution; not guaranteed)

Fees disclosed in full. GP team is establishing local presence in North Carolina to self-manage the asset. GP also co-invests sponsor equity alongside LP capital.

13 · Distributions

Preferred Return & Waterfall

How Distributions Flow To Limited Partners — including a worked $100K example.

Distribution Waterfall
  1. 1

    Return of Capital

    100% to LP until original investment fully returned.

  2. 2

    8% Preferred Return

    Subject to available cash flow, 100% to LP until the LP has received a cumulative, non-compounding 8% per annum preferred return on contributed capital. This is a priority of distribution, not a guaranteed payment.

  3. 3

    Promote Split (80/20)

    Above the 8% pref, all remaining cash flow and sale proceeds split 80% to LP / 20% to GP. No catch-up.

  4. 4

    Distribution Timing

    Operating cash flow distributed quarterly (subject to lender requirements). Capital event proceeds distributed at refinance or sale.

Worked Example — $100K LP Investment5-Year Hold · Base Case
Original Investment
$100,000
Quarterly Operating Distributions (Yrs 1-5)
$63,700
Return of Original Capital (at Exit)
$100,000
Pref Catch-Up (if any unpaid)
$0
LP Share of Promote Split (above 8% pref)
$25,700
Total LP Receives$189,400
Equity Multiple1.89x
Levered IRR (LP-level)16.3%

Illustrative only — based on Base Case assumptions, pending model rerun (v1.7) with actual Truliant debt terms. Actual results will differ materially.

Pref Rate8.0%
Pref TypeCumulative · Non-compounding
Promote80 / 20 above pref
DistributionsQuarterly (operating)
14 · Market

Location & Access

North Fayetteville Corridor — direct frontage on US-401, minutes from Fort Bragg and Methodist University.

Connectivity & Drivers
Prime Frontage

Direct access on Ramsey St (US-401), major N-S arterial to downtown.

High Traffic

Strong visibility with approx 34,089 VPD passing site daily.

Methodist Univ.

Minutes north, providing stable economic anchor & daytime population.

Regional Access

Easy access to I-295 & Fort Bragg (renamed from Fort Liberty, Feb 2025) drives consistent regional traffic.

Market Demographics
Metric1 Mile3 Mile5 Mile
2023 Population6,28841,39778,798
Median HH Income$45,279$40,526$40,612
Total Households2,51216,26032,284
Avg. Age37.636.537.2
15 · Disclosure

What Could Go Wrong

Candid disclosure of risks outside sponsor control — and how we plan to mitigate each.

We are professionals in this space, but the following are things outside our control that could affect outcomes. We disclose them upfront so investors can evaluate the deal with full information.

Additional Disclosures
Sponsor Personal Recourse
The Marmot principals are providing unlimited joint and several personal guarantees on the acquisition debt. The sponsor is negotiating burn-off triggers and/or a several-only structure with the lender prior to final loan documents.
Tenant Credit Identity
The lease is signed by CACI, Inc.-Federal (a Delaware subsidiary). The guarantee does not run to the NYSE-listed parent, CACI International Inc.

CACI Tenant Concentration

CACI contributes ~67% of NOI and could elect not to renew at 2030 lease expiry, creating a re-leasing event.

Sponsor Approach

We underwrite a Base Case that holds CACI in place through 2030. The NIWC Atlantic contract through March 2031 supports operational continuity. The First Amendment Section 3 government contract termination right (effective after Aug 2027) is mitigated for the current cycle but not eliminated.

Cap Rate Expansion at Exit

If broader cap rates expand by 100 bps between now and exit, valuation could compress meaningfully even with stable NOI.

Sponsor Approach

Our 10.47% going-in basis already reflects an above-market cap rate, providing buffer against further expansion. Bear case sensitivity shown alongside.

Interest Rate Environment at Refinance

5-year loan term means refinancing exposure if rates remain elevated or rise further at maturity.

Sponsor Approach

A 60.1% LTV and 2.22x projected DSCR provide refinance flexibility; sale at exit is also an option. The sponsor is negotiating the recourse structure with the lender.

Tertiary Market Liquidity

Fayetteville is a tertiary market with a narrower buyer pool than primary metros, which can extend marketing periods at exit.

Sponsor Approach

Same dynamic that allowed entry at 10.47% supports our exit; we plan early buyer engagement and have flexibility to extend hold if needed.

Government Contractor Budget Exposure

CACI is a NYSE-listed government contractor; federal budget pressure could affect tenant performance over time.

Sponsor Approach

CACI's parent is rated Moody's Ba1 (S&P BB+ equivalent) with diversified federal contracts. Its recent expansion is consistent with operational commitment, though not contractually guaranteed beyond June 30, 2030.

Local Economic / Fort Bragg Conditions

Fayetteville's economy is tied to Fort Bragg (renamed from Fort Liberty, Feb 2025); significant base realignment or local downturn would affect demand and demographics.

Sponsor Approach

Fort Bragg is a permanent strategic installation with stable presence; we monitor BRAC and budget signals continuously.

Capital Market Disruption at Exit

Broader capital market dislocation (credit crunch, recession, frozen transaction markets) could delay or constrain a clean exit at the 5-year target.

Sponsor Approach

Our 5-year hold gives flexibility to extend if capital markets are unfavorable; refinance is a viable alternative to forced sale; conservative LTV preserves optionality.

We will continue to monitor and disclose material developments to LPs throughout the hold period.

16 · Process

LP Next Steps & Process

Commitment process & timeline — from review to capital close.

Offering Terms Summary
Offering Type
Reg D 506(c)
Eligible Investors
Verified Accredited Investors only
Minimum Investment
$100,000
Preferred Return
8.0% per annum (cumulative, non-compounding)
Promote Split
80% LP / 20% GP above pref
Target Hold
5 Years
Distributions
Quarterly (operating cash flow)
Sponsor Co-Invest
Yes — alongside LP capital
Capital Allocation Process
  1. 1
    Review Investment Memo & ModelNow – Mid June 2026
  2. 2
    Submit Soft Circle CommitmentBy June 30, 2026
  3. 3
    Finalize LP Subscription DocsEarly–Mid July 2026
  4. 4
    Fund Capital & Close~July 20, 2026
Transaction Timeline
Escrow Opened:
March 19, 2026 — Stewart Title
Due Diligence Ends:
~June 20, 2026 (90-day DD per executed contract)
Target Closing:
~July 20, 2026 (30-day post-DD close)

Subject to soft circle volume and customary closing conditions.

17 · Request Documents

Review the Memo &

Underwriting Model

Email us to receive the full 18-page Offering Memorandum, the underwriting model, and supporting due diligence materials. We'll verify accredited status and walk you through the deal.

This offering is made pursuant to Rule 506(c) of Regulation D under the Securities Act of 1933 and is available only to verified accredited investors as defined in Rule 501(a). All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. Marmot will deliver a Sponsor Disclosure Schedule to prospective LPs concurrent with subscription materials — addressing principal-level financial obligations, prior business matters, and any material pending litigation, intended to comply with Rule 506(d) and Rule 10b-5 — which investors should review before subscribing.

Targets shown reflect sponsor underwriting; actual results may differ materially. This document is confidential and provided solely for the recipient. It is not an offer to sell securities. Past performance is not indicative of future results. Reg D 506(c) — Verified Accredited Investors Only. Marmot will deliver a Sponsor Disclosure Schedule (intended to comply with Rule 506(d) and Rule 10b-5) to prospective LPs with subscription materials.