3611 Ramsey Street
83,041 SF Flex Center (Retail / Office) · Fayetteville, North Carolina
Limited Partner Offering Memorandum
Marmot Industrial Income Fund I, LP · Confidential Offering Memorandum · August 2026
Investment Summary
A plain-language walk through the deal — what we're buying, why, and how the partnership works.
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 expanded its footprint and committed through June 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.
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. LPs are targeted to receive an 8% preferred return per year, paid quarterly, ahead of any GP profit share. The preferred return is a priority of distribution; it is not a guaranteed payment.
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 a 19.4% average annual return (a levered IRR, net of all fees) and a 2.24x equity multiple — i.e. returning roughly 224% of what you invest, including the eventual sale. These are sponsor underwriting targets and are not guarantees.
Plan on funds being tied up roughly 5 years — our target hold — with flexibility to extend if market conditions warrant; 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.
Executive Summary
Five pillars of the investment thesis and the underwriting outputs that support them.
Anchored by CACI (NYSE: CACI), contributing ~77% of in-place revenue. CACI's parent is rated Moody's Ba1 (S&P BB+ equivalent, top of speculative grade). Concentration risk is mitigated by CACI's recent expansion and commitment through June 2030.
Contract price of $8.9M (~$107/SF) against an estimated replacement cost of ~$139/SF, with an all-in basis of $9.08M. The 10.47% going-in cap rate (on the contract price) provides a factual, defensible entry yield.
100% leased to 2 NNN tenants with 3–4% annual escalations. Base case underwriting assumes steady contractual growth over a 5-year hold period.
$6.1M first mortgage committed at 6.25% fixed (25-yr amortization, 5-yr term) — roughly 420 bps of positive leverage against the 10.47% going-in yield, with 1.93x day-one debt service coverage.
Major 2020 renovation (roof, facade, parking, tenant upfits) reduces near-term CapEx needs and provides a buffer for operational distributions.
- Year 1 Net Operating Income(Target, not guarantee)
- $931,940
- Debt Service Coverage (DSCR)
- 1.93x
- Debt Yield
- 15.5%
- Levered IRR
- 14.5% – 23.1% (base 19.4%)
- Equity Multiple
- 1.83x – 2.59x (base 2.24x)
- Annual Distributions
- 8.0% (paid quarterly)
Range reflects Bear/Base/Bull exit cap scenarios — see Cap Rate Reconciliation.
Property Overview
83,041 SF flex center on 5.6 acres in North Fayetteville — masonry construction, major 2020 renovation.
- 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
- ●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
Tenant & Lease Profile
100% leased · 2 NNN tenants · WALT ≈3.4 Years
| Tenant | Sq Ft | Share | Rent / SF | Escalations | Lease Exp. |
|---|---|---|---|---|---|
| CACI (Main Space) | 62,163 | 74.9% | $10.50 | 3.0% | Jun 2030 |
| CACI (Expansion) | 8,878 | 10.7% | $11.55 | 3.0% | Jun 2030 |
| MANNA Church | 12,000 | 14.4% | $11.40 | 4.0% | Aug 2027 |
| TOTAL / AVG | 83,041 | 100% | $10.74 | 3 – 4% | ≈3.4 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, and CACI's early termination right has been waived.
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 ~77% of in-place revenue.
Both tenants operate under NNN leases, minimizing landlord exposure to rising operating costs. Tenants reimburse prorated shares of Taxes, Insurance, and CAM.
Contractual rent escalations of 3% (CACI) and 4% (MANNA) provide a hedge against inflation and support organic NOI growth throughout the hold period.
Tenant Spotlight: CACI
62,163 SF Main + 8,878 SF Expansion · Anchor Tenant · ~77% of In-Place Revenue
- 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
- ✓62,163 SF main space (~75% of total GLA)
- ✓+8,878 SF expansion via First Amendment (April 2025) — 71,041 SF combined (~85% of GLA)
- ✓NNN lease structure · 3.0% annual rent escalations
- ✓Lease expires June 2030 — early termination right waived
CACI is a publicly-traded federal IT and defense services contractor (parent: NYSE: CACI International Inc., rated Moody's Ba1 / S&P BB+ equivalent — top of speculative grade) with a multi-decade operational footprint at the property. Its recent expansion and waiver of its early termination right provide credit-anchored income certainty through June 2030. The lease is signed by CACI, Inc.-Federal (a Delaware subsidiary); the guarantee does not run to the NYSE-listed parent.
Tenant Spotlight: MANNA Church
12,000 SF · Multi-Use Community Space · Lease through 2027
- 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
- ✓12,000 SF (~15% of total GLA)
- ✓NNN lease structure · 4.0% annual rent escalations
- ✓Lease expires August 2027 — renewal intent confirmed by tenant
- ✓Two 5-year renewal options at 104% of prior rent
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. The tenant has confirmed renewal intent ahead of the 2027 expiry, with two 5-year renewal options at 104% of prior-year rent under the lease.
Financial Snapshot
In-place income, revenue composition, and the valuation analysis underlying our entry yield.
- ●NNN Leases: Tenants reimburse taxes, insurance, and CAM, limiting landlord inflation exposure.
- ●Pro Forma Yr-1 OpEx: $132,068 — fully offset by $132,068 of recovery income (100% recapture).
- ●Management: includes a 4% property management fee paid to the GP as manager — disclosed under Sponsor Economics.
- ●CapEx Reserve: $4,152/yr ($0.05/SF) reserved below the NOI line.
Comparable credit-tenant flex assets are estimated to trade below a 9% cap. Our above-market entry yield reflects two property-specific factors at the time of contract: (a) lease-rollover overhang — buyers were uncertain whether the anchor would renew; CACI has since expanded, waived its early termination right, and committed through June 2030, while MANNA Church has confirmed renewal intent; and (b) a limited buyer pool for credit-tenant flex assets in the Fayetteville tertiary market — we moved before broad marketing.
Financing & Capital Structure
68.5% LTV · 5-Year Term · Committed — recourse with unlimited joint and several personal guarantees from the three Marmot principals.
- Loan Amount
- $6,100,000
- Loan-to-Value (LTV)
- 68.5%
- Interest Rate
- 6.25% (fixed)
- Amortization
- 25 Years
- Loan Term
- 5 Years
- Annual Debt Service
- $482,878
- Positive Leverage
- +422 bps (10.47% − 6.25%)
- First Mortgage (Committed)$6,100,000
- LP Equity$3,106,650
- Purchase Price$8,900,000
- Due Diligence & Closing Costs$178,000
- Loan Fees (0.65%)$39,650
- Acquisition Fee (1.0%)$89,000
Note: Loan terms are committed with Truliant Federal Credit Union for the August 2026 closing; funding remains subject to customary closing conditions. LTV is shown against the $8.9M contract price; total uses of $9,206,650 = $9.08M all-in property basis (price + closing) + $39,650 loan fees + $89,000 acquisition fee. Recourse: the acquisition debt is recourse with unlimited joint and several personal guarantees from the three Marmot principals.
Projected Returns
5-Year Hold · Base Case Underwriting · Project-Level (pre-promote, pre-fee) — see LP-Level (net) section below.
Targets shown reflect base case underwriting; actual results may differ materially.
Business Plan & Exit Strategy
5-Year Hold · Base Case Execution Plan — acquisition through disposition.
Acquisition
- ●Close acquisition at $8.9M — target August 28, 2026.
- ●Fund committed $6.1M loan (6.25% fixed, 5-yr term).
- ●Transfer tenant relations and implement management.
Early Execution
- ●Complete MANNA Church renewal — lease expires Aug 2027; renewal intent already confirmed.
- ●Realize 3–4% contractual rent escalations.
- ●Execute light CapEx plan (property recently renovated).
Stabilization & Optimization
- ●Maintain 100% occupancy — CACI committed through June 2030, early termination waived.
- ●Begin CACI renewal discussions well ahead of 2030 expiry.
- ●Maximize NOI ahead of the disposition window.
Disposition
- ●Position asset as a stabilized, high-yield credit investment.
- ●Market for sale or refinance principal balance.
- ●Return capital to investors — target 2.24x LP multiple (1.83x–2.59x 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 remains in place through its 2030 lease term, providing the buyer with stable in-place income at exit.
Cap Rate Reconciliation
Why 10.47% going-in · What it means at exit · 5-year sensitivity across exit cap scenarios.
Comparable credit-tenant flex assets in similar markets are estimated to transact at sub-9% cap rates. Our 10.47% going-in basis reflects two property-specific factors at the time of contract:
- Lease-rollover overhang — buyers were uncertain whether either tenant would stay. CACI has since expanded, waived its early termination right, and committed through June 2030; MANNA Church has confirmed renewal intent ahead of its 2027 expiry.
- Limited buyer pool — credit-tenant flex assets in the Fayetteville tertiary market see narrower competitive bidding than primary markets — and we put our offer in before most buyers knew the asset was available.
- Exit Cap
- 10.5%
- LP IRR (Net)
- 14.5%
- Equity Multiple
- 1.83x
- Gross Exit Value
- $10.0M
- Exit Cap
- 9.0%
- LP IRR (Net)
- 19.4%
- Equity Multiple
- 2.24x
- Gross Exit Value
- $11.7M
- Exit Cap
- 8.0%
- LP IRR (Net)
- 23.1%
- Equity Multiple
- 2.59x
- Gross Exit Value
- $13.2M
We enter ~150 bps wide of today's estimated market cap rate. The Base Case assumes the exit simply converges to market (9.0%) — not further compression. Even the Bear Case, with zero convergence over five years, targets a 14.5% net LP IRR. The Bull Case is upside, not the assumption. LP figures are net of all sponsor fees and promote.
Investor Returns & Sponsor Economics
What You Get · What We Get · No Surprises — fully disclosed fees, promote, and LP-level net returns.
- Levered IRR
- 26.5%
- Equity Multiple
- 2.70x
- Avg Cash-on-Cash
- 16.7%
Gross of all sponsor compensation.
- Levered IRR
- 19.4%
- Equity Multiple
- 2.24x
- Annual Distributions
- 8.0%
Net of acquisition, property management, asset management, and disposition fees, and the 80/20 promote above the 8% preferred return. Base case underwriting.
- Acquisition Fee
- 1.00% of purchase price — $89,000, paid at closing
- Property Management
- 4.00% of collected revenue, paid to GP as manager — recovered from tenants via NNN pass-through; GP is establishing a local NC office (no third-party PM)
- Asset Management Fee
- 1.00% per year on total capitalized cost of $9,117,650 (~$91,177/yr)
- Construction Management
- None — no major capital projects planned. Any CM fee for future CapEx will be presented to LPs for approval.
- Disposition Fee
- 1.00% of gross sale price, paid at exit ($117,068 base case)
- Preferred Return to LP
- 8.0% per annum, cumulative and non-compounding (priority of distribution; not guaranteed)
- Promote / Carry
- 80% LP / 20% GP split of cash flow and proceeds above the 8% pref (no catch-up) — paid only at exit, after return of LP capital and the full accrued preferred
Fees disclosed in full. The GP's promote is paid only at exit — after return of LP capital and the full accrued preferred. GP team is establishing local presence in North Carolina to self-manage the asset.
Preferred Return & Waterfall
How Distributions Flow To Limited Partners — including a worked $100K example.
- 1
Return of Capital
100% to LP until original investment is fully returned.
- 2
8% Preferred Return
100% to LP until any accrued 8% per annum cumulative (non-compounding) return on unreturned capital is paid in full. This is a priority of distribution, not a guaranteed payment.
- 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
Distribution Timing & Reserve
Operating years target a smoothed 8.0% annual distribution on contributed capital, paid quarterly (subject to lender requirements). Cash above 8% is retained in a fund reserve — building to ~$596K by Year 4 — which doubles as a contingency for surprise CapEx or vacancy and is released through the waterfall at sale.
- Original Investment
- $100,000
- Quarterly Distributions (Years 1–4, 8.0%/yr)
- $32,000
- At Exit — Return of Remaining Capital
- $68,000
- At Exit — Accrued Preferred Return
- $33,600
- At Exit — LP Share of Promote Split (80%)
- $90,264
Illustrative only — based on Base Case assumptions (sponsor underwriting model v1.96). Actual results will differ materially.
Location & Access
North Fayetteville Corridor — direct frontage on US-401, minutes from Fort Bragg and Methodist University.
Direct access on Ramsey St (US-401), major N-S arterial to downtown.
Strong visibility with approx 34,089 VPD passing site daily.
Minutes north, providing stable economic anchor & daytime population.
Easy access to I-295 & Fort Bragg (renamed from Fort Liberty, Feb 2025) drives consistent regional traffic.
| Metric | 1 Mile | 3 Mile | 5 Mile |
|---|---|---|---|
| 2023 Population | 6,288 | 41,397 | 78,798 |
| Median HH Income | $45,279 | $40,526 | $40,612 |
| Total Households | 2,512 | 16,260 | 32,284 |
| Avg. Age | 37.6 | 36.5 | 37.2 |
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.
- Sponsor Personal Recourse
- The acquisition debt is committed on a recourse basis with unlimited joint and several personal guarantees from the three Marmot principals.
- 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 ~77% of in-place revenue and could elect not to renew at its 2030 lease expiry, creating a re-leasing event.
We underwrite a Base Case that holds CACI in place through 2030. CACI has expanded and waived its early termination right, providing contractual certainty through June 30, 2030.
Cap Rate Doesn't Converge
Our base case assumes exit at a 9.0% market cap rate. If tertiary cap rates stay wide or expand, valuation compresses even with stable NOI.
Entry at 10.47% is ~150 bps wide of today's estimated market cap. The Bear Case (10.5% exit — zero convergence) still targets a 14.5% net LP IRR.
Refinance Exposure at Maturity
The 5-year loan term means refinancing exposure if rates remain elevated or rise further at maturity.
The rate is locked at 6.25% for the term; a 1.93x DSCR and 15.5% debt yield at close support refinance flexibility, and sale remains an alternative.
Leverage Amplifies Outcomes
At 68.5% LTV, debt magnifies both gains and losses relative to lower-levered deals; NOI shortfalls hit equity faster.
Fixed 6.25% rate, 25-year amortization, DSCR rising to 2.18x by Year 5, and a fund reserve building to ~$596K by Year 4.
Tertiary Market Liquidity
Fayetteville is a tertiary market with a narrower buyer pool than primary metros, which can extend marketing periods at exit.
The same dynamic enabled our discounted entry; we plan early buyer engagement and can extend the hold if needed.
Government Contractor Budget Exposure
CACI is a NYSE-listed government contractor; federal budget pressure could affect tenant performance over time.
CACI's parent is rated Moody's Ba1 (S&P BB+ equivalent, top of speculative grade) with diversified federal contracts; its recent expansion here signals long-term commitment, though it is 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 a local downturn would affect demand and demographics.
Fort Bragg is a permanent strategic installation with a 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.
Flexibility to extend the hold; refinance is a viable alternative to a forced sale; coverage preserves optionality.
We will continue to monitor and disclose material developments to LPs throughout the hold period.
LP Next Steps & Process
Commitment process & timeline — from review to capital close.
- Offering Type
- Reg D 506(c)
- Eligible Investors
- Verified Accredited Investors only
- Minimum Investment
- $100,000
- Total LP Equity
- $3,106,650
- 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)
- 1Review Investment Memo & ModelNow
- 2Submit Soft-Circle CommitmentUpon review
- 3Finalize LP Subscription DocsMid-August 2026
- 4Fund Capital & CloseAugust 28, 2026
- Escrow Opened:
- March 19, 2026 — Stewart Title
- Target Closing:
- August 28, 2026
- Extension Option:
- Up to 45 days beyond target, per contract
Subject to soft circle volume and customary closing conditions.
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.