24,767 SF Multi-Tenant Industrial · 14 Units · NNN Basis
Current Performance · October 2026
Occupancy
93%
100%
Avg $/SF NNN
$13.84
$8.23▲ 68%
WALT
13.0 mo
15.2 mo▲ -2.2 mo
Annualized Rent
$318,546
$201,732▲ 58%
Monthly Revenue
$26,546
$16,811▲ 58%
Leases Completed
10 / 14
▲ Since Closing · Aug 2025
Return of Capital39.17% of initial capital is being returned.
Distributed to date
10.44%
Feb 2026 catch-up + May 2026 quarterly
This return of capital
39.17%
of initial capital
Total capital returned
49.61%
cumulative since Aug 2025 closing
Return of capital reduces invested basis; it is not a yield figure. Ongoing distributions continue on the Aug / Nov / Feb / May cycle anchored to closing.
Proforma Year One
Actual in-place rent vs. Argus underwriting model
+25%
ABOVE PROFORMA
$26,546/mo actual
vs $20,449/mo projected
+$5,057/mo
← swipe chart →
ACTUAL IN-PLACE
PROJECTED
ARGUS PROFORMA
OUTPERFORMANCE
SOURCE: ARGUS CASH FLOW MODEL (APR 2025)
Investor Return Timeline
Milestones, distributions & key events since acquisition
49.61%
DIST. & RETURN OF CAPITAL
Nov 2026
NEXT DISTRIBUTION
Milestones
Aug 2025
Today
Distributions
Feb 9
May 8
Aug
Nov
Feb
Tax Documents
Mar 13
Refinance
★
Refinance Closed
Closed Jul 28, 2026
Lease-Up
◉
Lease-Up Window
Dec 2026 – Jan 2027
Aug
2025
Sep
Oct
Nov
Dec
Jan
2026
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2027
Feb
Mar
Apr
●TodayNow
Current Position
100% leased · all 14 units
All fourteen units leased. Unit D turned over and came back stronger: CarGroup Holdings paid $20,000 in July to buy out the balance of its lease, and the suite was re-let on September 10 at more than double the prior rent. In-place base rent is roughly $30,500/mo, about $366,000 annualized, above where the building stood before the turnover.
Site Plan
New
Renewed
Inherited
Rent Rollas of October 28, 2026
Suite
Tenant
SF
Rate
Monthly
Annual
Exp
Status
A
Vicjon Enterprises
Industrial
1,752
$14.00 NNN
$2,044
$24,528
11/28
Renewed
B
Vicjon Enterprises
Industrial
1,752
$14.00 NNN
$2,044
$24,528
11/28
Renewed
C
Vicjon Enterprises
Industrial
1,751
$14.00 NNN
$2,043
$24,516
11/28
Renewed
D
Bao Tech
Industrial
1,800
$16.67 NNN
$2,501
$30,006
11/27
New
E
RDM Industrial Electronics
Electronics
1,753
$9.55 NNN
$1,395
$16,740
4/27
Below Mkt
F
RDM Industrial Electronics
Electronics
1,753
$9.55 NNN
$1,395
$16,740
4/27
Below Mkt
G
RDM Industrial Electronics
Electronics
1,754
$9.55 NNN
$1,396
$16,752
4/27
Below Mkt
H
AMN Enterprises
Industrial
1,800
$16.67 NNN
$2,500
$30,000
1/27
New
I
Rock Warehouse
Stone / Warehouse
1,775
$14.75 NNN
$2,182
$26,184
12/27
New
J
Rock Warehouse
Stone / Warehouse
1,775
$14.75 NNN
$2,182
$26,184
12/27
New
K
J.K. Stone
Stone / Fabrication
1,775
$14.75 NNN
$2,182
$26,184
12/27
Renewed
L
J.K. Stone
Stone / Fabrication
1,775
$14.75 NNN
$2,182
$26,184
12/27
Renewed
M
Alpine Trade International
Trading / Import
1,800
$16.67 NNN
$2,500
$30,000
2/27
New
N
Vacant
Vacant
1,752
$0.00
—
—
—
Vacant
TOTAL
14 units
23,015
$13.84 avg
$26,546
$318,546
Portfolio Mix · Industry & Tenant Concentration
Where the rent comes from. Concentration risk surfaces when a single tenant or industry dominates the mix.
WatchTop 3 tenants are 58% of rent, a moderate revenue concentration
WatchWholesale Gems / Stone Art occupies 57% of SF, exposed if that sector slows
Industry Mix · by SF
Wholesale Gems / Stone Art57%14,107 SF
Industrial Electronics21%5,260 SF
Auto / Used-Car Services7%1,800 SF
Environmental / Asbestos7%1,800 SF
Import / Trading7%1,800 SF
Tenant Concentration · % of Monthly Billing
$36,513/mo total
#
Unit
Tenant
Industry
$/mo
% Rent
Cum
1
A,B,C
Vicjon Enterprises, Inc.
Wholesale Gems / Stone Art
$8,746
24.0%
24%
2
I,J
Desert Gem Inc
Wholesale Gems / Stone Art
$6,133
16.8%
41%
3
K,L
J.K. Stone (Yun Wang / Frank Wang)
Wholesale Gems / Stone Art
$6,133
16.8%
58%
4
E,F,G
RDM Industrial Electronics, Inc.
Industrial Electronics
$4,063
11.1%
69%
5
D
Bao Thai Ho d/b/a Bao Tech
Auto / Used-Car Services
$3,438
9.4%
78%
6
H
AMN Enterprises LLC & AZ Environmental Services LLC
Environmental / Asbestos
$3,408
9.3%
87%
7
M
Alpine International Trading Co
Import / Trading
$3,408
9.3%
97%
8
N
Desert Gems Inc
Wholesale Gems / Stone Art
$1,186
3.2%
100%
Rollover Schedule · by Year
24,767 SF total · 8 leases
2026NOW
N
1 lease1,752 SF· 7%cum 7%
2027
D · E,F,G · H · I,J · K,L · M
6 leases17,760 SF· 72%cum 79%
2028
A,B,C
1 lease5,255 SF· 21%cum 100%
2029
no rollovercum 100%
2030
no rollovercum 100%
2031
no rollovercum 100%
Bars sized by SF rolling each year · in-bar labels show units expiringSeverity: ● >40% ● 20-40% ● 5-20% ● 0%
Updates & Milestones
Completed
✓
Vicjon Enterprises renewed — Suites A,B,C
Dec 2025
5,225 SF renewed at $14.00 NNN through Nov 2028. Rate jumped from $7.76 to $14.00 (+80%). 4% annual bumps.
✓
J.K. Stone renewed — Suites K,L
Dec 2025
Renewed 3,550 SF at $14.75 NNN through Dec 2027. Rate up from $8.22 to $14.75 (+79%). $1.00/SF annual bumps.
✓
CarGroup Holdings — Suite D (ended Jul 2026)
Dec 2025
New 1,800 SF lease at $16.67 NNN. The tenant paid $20,000 in July 2026 to buy out the balance of the term and vacated; the suite is being remarketed at the same rate.
✓
Desert Gem Inc. — Suites I,J
Dec 2025
New 3,550 SF lease at $14.50 NNN through Nov 2028. $0.75/SF annual bumps in January.
✓
AMN Enterprises — Suite H
Feb 2026
New 1,800 SF lease at $16.67 NNN through Jan 2027. Industrial tenant replaced inherited Rock Warehouse.
✓
Alpine Trade International — Suite M
Mar 2026
New 1,800 SF lease at $16.67 NNN through Feb 2027. Trading and import tenant replaced inherited AR Ink (MTM).