3611 Ramsey Street
83,041 SF Flex Center (Retail / Office) · Fayetteville, North Carolina
Limited Partner Offering Memorandum
Marmot Industrial Investment Fund I, LP · Confidential Offering Memorandum · January 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 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.
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 receive a guaranteed 8% preferred return per year, paid quarterly, before the GP receives any compensation.
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 13.5% annual return (a levered IRR) and a 1.78x equity multiple — i.e. returning roughly 178% of what you invest, including the eventual sale.
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.
Executive Summary
Five pillars of the investment thesis and the underwriting outputs that support them.
Anchored by CACI (NYSE: CACI), an investment-grade equivalent contributing ~67% of NOI. Tenant concentration risk is mitigated by recent expansion and commitment through June 2030.
Modeled purchase price of $8.9M (~$107/SF) with an all-in basis of $9.19M. The 10.47% going-in cap rate 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.
Major 2020 renovation (roof, facade, parking, tenant upfits) reduces near-term CapEx needs and provides a buffer for operational distributions.
Marmot Industrial Investment Fund plans to co-invest alongside LP capital. Transparent fee structure ensures GP/LP alignment with no hidden economics.
- Year 1 Net Operating Income(Target, not guarantee)
- $931,966
- Debt Service Coverage (DSCR)
- 2.38x
- Debt Yield
- 20.07%
- Levered IRR
- 14% – 18% (base 16%)
- Equity Multiple
- 1.85x – 2.10x
- Avg. Cash-on-Cash
- 10% – 12%
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 3.9 Years
| Tenant | Sq Ft | Share | Rent / SF | Escalations | Lease Exp. |
|---|---|---|---|---|---|
| CACI (Main Space) | 62,163 | 77.2% | $10.50 | 3.0% | Jun 2030 |
| CACI (Expansion) | 8,878 | 7.8% | $11.55 | 3.0% | Jun 2030 |
| MANNA Church | 12,000 | 15.0% | $11.40 | 4.0% | Aug 2027 |
| TOTAL / AVG | 83,041 | 100% | $10.74 | 3 – 4% | 3.9 Years WALT |
All leases are NNN with full pass-through of Taxes, Insurance, and CAM. CACI recently expanded, extending commitment to 2030.
NYSE-listed (Ticker: CACI) government contractor with strong credit. Accounts for ~85% of the total GLA and ~67% of the Net Operating Income.
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 organic NOI growth throughout the hold period.
Tenant Spotlight: CACI
62,163 SF · Anchor Tenant · ~67% of NOI
- Tenant
- CACI International Inc.
- Ticker
- NYSE: CACI
- Credit
- Investment-Grade Equivalent (S&P BB+)
- Industry
- Government IT & Defense Services
- Sector Div.
- Multi-contract federal portfolio
- ✓62,163 SF (~75% of total GLA)
- ✓NNN lease structure
- ✓3.0% annual rent escalations
- ✓Lease expires June 2030
- ✓Recently expanded — long-term commitment confirmed
CACI is a publicly-traded, investment-grade-equivalent federal contractor with a multi-decade operational footprint at the property. Their recent expansion and waiver of early termination provide credit-anchored income certainty through 2030.
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
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. Tenant has confirmed renewal intent ahead of the 2027 expiry.
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.
- ●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.
OM cap rate shown per seller materials; at OM ask, sponsor underwriting indicates a lower yield versus our all-in basis. Acquisition reflects three property-specific factors: (a) initial vacancy at deal sourcing that has since been resolved with full lease-up to two NNN tenants, (b) lease-rollover concerns that have been mitigated by CACI's waiver of early termination and MANNA Church's renewal intent, and (c) limited buyer pool for credit-tenant flex assets in the Fayetteville tertiary market. Current market cap rates for comparable assets are estimated below 9%.
Financing & Capital Structure
50% LTV · 5-Year Term · Non-Recourse — conservative leverage with material refinance flexibility.
- Loan Amount
- $4,450,000
- Loan-to-Value (LTV)
- 50.0%
- Interest Rate
- 6.75%
- Amortization
- 25 Years
- Loan Term
- 5 Years
- New First Mortgage$4,450,000
- Sponsor Equity$4,739,250
- Purchase Price$8,900,000
- Closing Costs & Reserves$289,250
Note: Financing terms are modeled assumptions based on current market conditions for stabilized flex assets. Actual terms subject to borrower creditworthiness and lender quotes at time of application.
Projected Returns
5-Year Hold · Base Case Underwriting · Project-Level (pre-promote) — 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 (Base Case Model Price).
- ●Secure 50% LTV financing (6.75% interest, 5-yr term).
- ●Transfer tenant relations and implement management.
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).
Optimization
- ●MANNA Church: Expires 8/2027 (15% of space).
- ●Begin renewal discussions early; CACI has waived early termination, providing certainty.
- ●Maximize NOI ahead of disposition window.
Disposition
- ●Position asset as a stabilized, high-yield credit investment.
- ●Market for sale or refinance principal balance.
- ●Return capital to investors (Target 1.95x Base · 1.85–2.10x 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.
Cap Rate Reconciliation
Why 10.5% going-in · What it means at exit · 5-year sensitivity across exit cap scenarios.
Comparable credit-tenant flex assets in similar markets currently transact at sub-9% cap rates. Our 10.5% going-in basis reflects three property-specific factors at the time of contract:
- Initial vacancy at sourcing — the property was partially vacant when we negotiated the price. It is now 100% leased to two NNN tenants.
- Lease-rollover overhang — both leases were viewed as near-term rollover risk. CACI has since waived its early termination right and MANNA Church has indicated renewal intent.
- Limited buyer pool — credit-tenant flex assets in the Fayetteville tertiary market see narrower competitive bidding than primary markets.
- Exit Cap
- 11.5%
- Levered IRR
- 11.8%
- Equity Multiple
- 1.65x
- Avg Cash-on-Cash
- 9.6%
- Exit Cap
- 10.5%
- Levered IRR
- 16.0%
- Equity Multiple
- 1.95x
- Avg Cash-on-Cash
- 11.2%
- Exit Cap
- 9.0%
- Levered IRR
- 19.4%
- Equity Multiple
- 2.18x
- Avg Cash-on-Cash
- 12.1%
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.
Investor Returns & Sponsor Economics
What You Get · What We Get · No Surprises — fully disclosed fees, promote, and LP-level net returns.
- Levered IRR
- 16.0%
- Equity Multiple
- 1.95x
- Avg Cash-on-Cash
- 11.2%
Gross of all sponsor compensation.
- Levered IRR
- 13.5%
- Equity Multiple
- 1.78x
- Avg Cash-on-Cash
- 9.7%
Net of acquisition fee, asset management fee, disposition fee, and 80/20 promote above 8% pref. Base case underwriting.
- Acquisition Fee
- 1.00% of purchase price ($89,000 on $8.9M base case)
- Asset Management Fee
- 1.00% of LP equity per year
- Disposition Fee
- 1.00% of sale price (paid at exit)
- 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 & non-compounding
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.
Preferred Return & Waterfall
How Distributions Flow To Limited Partners — including a worked $100K example.
- 1
Return of Capital
100% to LP until original investment fully returned.
- 2
8% Preferred Return
100% to LP until LP receives an 8% per annum cumulative (non-compounding) return on contributed capital.
- 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
Operating cash flow distributed quarterly (subject to lender requirements). Capital event proceeds distributed at refinance or sale.
- Original Investment
- $100,000
- Quarterly Operating Distributions (Yrs 1-5)
- $48,500
- Return of Original Capital (at Exit)
- $100,000
- Pref Catch-Up (if any unpaid)
- $0
- LP Share of Promote Split (above 8% pref)
- $29,500
Illustrative only — based on Base Case assumptions. Actual results will differ.
Location & Access
North Fayetteville Corridor — direct frontage on US-401, minutes from Fort Liberty 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 Liberty 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.
CACI Tenant Concentration
CACI contributes ~67% of NOI and could elect not to renew at 2030 lease expiry, creating a re-leasing event.
We are underwriting a Base Case that holds CACI in place through 2030 and have confirmed CACI has waived its early termination right.
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.
Our 10.5% 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.
Conservative 50% LTV and 2.38x DSCR provide refinance flexibility; we may also elect to sell rather than refinance if conditions favor exit.
Tertiary Market Liquidity
Fayetteville is a tertiary market with a narrower buyer pool than primary metros, which can extend marketing periods at exit.
Same dynamic that allowed entry at 10.5% 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.
CACI is investment-grade-equivalent with diversified federal contracts; their recent expansion at the property signals long-term commitment.
Local Economic / Fort Liberty Conditions
Fayetteville's economy is tied to Fort Liberty; significant base realignment or local downturn would affect demand and demographics.
Fort Liberty 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.
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.
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
- 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
- 1Review Investment Memo & ModelNow – Mid June 2026
- 2Submit Soft Circle CommitmentBy June 30, 2026
- 3Finalize LP Subscription DocsEarly–Mid July 2026
- 4Fund Capital & Close~July 17, 2026
- Escrow Opened:
- March 19, 2026 — Stewart Title
- Due Diligence Ends:
- ~June 17, 2026 (90-day DD)
- Target Closing:
- ~July 17, 2026 (30-day post-DD close)
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.
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.