Product 01
Warehouse · 30,000 SF
Three 10,000 SF dock-high bays, 30 ft clear, tilt-up concrete. Underwritten at $15.50 NNN.
01
Returns at a glance
Nearly three-times equity in a five-year window.
PY5 forward NOI of $994K underwrites a $14.73M sale at 6.75%, returning $5.71M of distributions to the LP on $1.92M of equity.
LP Net IRR
25.43%
Net of senior debt + 70/30 promote · 8% pref
Equity Multiple
2.98x
$3.80M net profit on $1.92M LP equity
Stabilized YoC (PY4)
8.63%
NOI $910k on $10.55M total project cost
Avg DSCR
1.85x
Lender covenant 1.20x · 65bps headroom
Total Project Cost
10.55M
Land + H+S + reserves + cap interest
LP Equity Check
1.92M
71.9% of total equity · pari-passu
Exit Value
14.73M
994k forward NOI ÷ 6.75% cap
Net Profit to LP
3.80M
Pari-passu 8% pref + 70/30 promote
02
Investment thesis
Six pillars of conviction.
Why this 8 AC parcel underwrites cleanly to a top-quartile IOS return profile in the Orlando MSA.
01
IOS supply crisis
Orlando MSA IOS vacancy is below 4%. New supply is structurally constrained by entitlement timelines and zoning hostility to outdoor uses.
02
Build-to-core spread
Stabilized at 8.63% YoC vs. exit at 6.75% cap = 188 bps of value-creation margin baked into delivery.
03
Conservative underwriting
Rents underwritten ~10% below Central FL comps. Exit cap 50 bps above comp average. 5% contingency on pure H+S.
04
Five revenue streams
Three independent 10K SF warehouse bays + two 2.0 AC paved IOS pads. No single-tenant concentration risk.
05
Aligned sponsor
Sponsor invests pari-passu alongside the LP — same dollar, same risk, same waterfall. Promote earned only after the 8% preferred return is satisfied.
06
Central FL tailwind
Disney + Universal + Amazon distribution + Lockheed Martin = durable demand for last-mile staging and contractor yards through 2030+.
03
The asset
Two product lines, five revenue streams.
A 30,000 SF warehouse cluster paired with 4.0 AC of paved, fenced, lit IOS yard — diversified across product type, tenant size, and use case.
Product 02
IOS yard · 4.0 AC
Two 2.0 AC paved, fenced, lit pads with 14 ft drive lanes. Underwritten at $7,000 / AC / mo.
Property facts
Total site area
8.0 AC
Developable
8.0 AC
Buildable
5.5 AC
Warehouse SF
30,000 SF3 bays
Outdoor storage
4.0 AC2 pads
Land basis
$2.32M$290K / AC
All-in cost / SF
$351.54incl. land
Acquisition
Q2 2026
Site plan
Top-down · WH 30K SF + 2 IOS pads8.0 AC parcel
Field documentation
Aerial · 8 AC parcel
Golden hour over the Poinciana parcel
Warehouse · tilt-up
Three 10,000 SF dock-high bays
IOS yard · fenced
Two 2.0 AC paved pads
Operations · dusk
24/7 lit-yard service continuity
Interior · 30 ft clear
Skylight-lit production-ready bay
Throughput · access
Direct US-17/92 + I-4 connectivity
Plan · top-down
Two product lines, five revenue streams
Detail · intermodal
Texture, weight, durability
04
Deal timeline
Acquisition to exit, mapped by capital event.
Each phase carries an LP-visible KPI: what gets bought, what gets built, what gets distributed.
202620272028202920302031
Loan funds$7.88M senior · 5.5% · 25-yr am
I/O → P&IDS steps to $587k/yr
Forward NOI$994K underwrites exit
BuildLease-upStabilizedHoldExit
01T0
Acquisition
Q2 2026
Close 8.0 AC at $2.32M land basis ($290K/AC). Permitting and pre-leasing run in parallel — no senior loan funded yet.
Land basis$2.32M
03LEASE
Lease-up
Q1 2028 → Q3 2028
Tranche 1 leased Q1 2028 (Suite A + IOS Pad 1), Tranche 2 Q2 2028, fully stabilized Q3 2028. Underwriting at $15.50 NNN WH + $7,000/AC IOS — ~10% below Central FL comp.
Underwritten rent~10% < comp
05LIST
Marketing / List
Q3 2030
Engage capital-markets broker on PY5 trailing NOI. List in Q3 2030 against Central FL comp set; 6.75% exit cap underwriting (50 bps wide of comp average).
Trailing NOI$951K
02BUILD
Construction
Q2 2027 → Q4 2027
Three 10K SF tilt-up bays + two 2.0 AC paved IOS pads delivered in shells. Hard cost $6.52M draw; senior loan funds Q2 2027.
Hard cost$6.52M
04PY4
Stabilization
Q2 2029
8.63% YoC on $10.55M total project cost. 1.85x average DSCR. PY4 ($910K NOI) is the first full year all three bays + both IOS pads are active.
Stabilized YoC8.63%
06T+5
Exit
Q1 2031
Forward NOI $994K ÷ 6.75% exit cap = $14.73M gross sale. $3.80M net profit to LP, 2.98x equity multiple, 25.43% net IRR.
Exit value$14.73M
- 01AcquisitionT0Q2 2026
Close 8.0 AC at $2.32M land basis ($290K/AC). Permitting and pre-leasing run in parallel — no senior loan funded yet.
Land basis$2.32M - 02ConstructionBUILDQ2 2027 → Q4 2027
Three 10K SF tilt-up bays + two 2.0 AC paved IOS pads delivered in shells. Hard cost $6.52M draw; senior loan funds Q2 2027.
Hard cost$6.52M - 03Lease-upLEASEQ1 2028 → Q3 2028
Tranche 1 leased Q1 2028 (Suite A + IOS Pad 1), Tranche 2 Q2 2028, fully stabilized Q3 2028. Underwriting at $15.50 NNN WH + $7,000/AC IOS — ~10% below Central FL comp.
Underwritten rent~10% < comp - 04StabilizationPY4Q2 2029
8.63% YoC on $10.55M total project cost. 1.85x average DSCR. PY4 ($910K NOI) is the first full year all three bays + both IOS pads are active.
Stabilized YoC8.63% - 05Marketing / ListLISTQ3 2030
Engage capital-markets broker on PY5 trailing NOI. List in Q3 2030 against Central FL comp set; 6.75% exit cap underwriting (50 bps wide of comp average).
Trailing NOI$951K - 06ExitT+5Q1 2031
Forward NOI $994K ÷ 6.75% exit cap = $14.73M gross sale. $3.80M net profit to LP, 2.98x equity multiple, 25.43% net IRR.
Exit value$14.73M
05
Market
Anchored by Disney, Amazon, and the I-4 logistics corridor.
Osceola County sits inside the Orlando MSA, the third-largest tourism market in the United States and a top-five distribution corridor on the Eastern Seaboard.
Osceola pop. CAGR
+3.2%
2020–2024 — fastest in FL
MSA jobs
1.4M
Tourism · logistics · aerospace
IOS vacancy
<4%
Orlando MSA · 2025
Avg IOS cap
6.25%
Central FL · 2025 trades
WayfindingPoinciana · Osceola County FL
Anchor employers · Orlando MSA
Walt Disney World Resort
Lake Buena Vista
75,000+
Universal Orlando
Orlando
26,000+
Amazon Fulfillment
Osceola / Polk
8,000+
AdventHealth
Central FL
30,000+
Lockheed Martin
Orlando
8,500+
SeaWorld Parks
Orlando
5,000+
Publix Distribution
Lakeland HQ
3,500+
Northrop Grumman
Orlando
3,000+
06
Capital stack
Senior debt and pari-passu equity.
74.7% LTC senior loan with 3-year I/O and 25-year amortization. Sponsor invests pari-passu alongside the LP — no preferred sponsor position.
Sources of Capital
$10,546,155 Total Project Cost
Senior Construction Loan
$7,879,955
74.7%
LP Equity (Class A)
$1,916,200
18.2%
Sponsor Equity
$750,000
7.1%
74.7%
$7,879,955
18.2%
7%
Senior Construction Loan$7,879,95574.7%
LP Equity (Class A)$1,916,20018.2%
Sponsor Equity$750,0007.1%
Uses of Capital
| Land | $2,320,000 | 22.0% |
| Closing Costs | $23,200 | 0.2% |
| Broker | $69,600 | 0.7% |
| Hard Costs | $6,520,000 | 61.8% |
| Soft Costs | $670,500 | 6.4% |
| Contingency | $292,500 | 2.8% |
| Operating Reserve | $250,000 | 2.4% |
| Capitalized Interest | $360,831 | 3.4% |
| Lender Fee | $39,524 | 0.4% |
| Total Uses | $10,546,155 | 100.0% |
07
Proforma
NOI growth and debt service coverage, at a glance.
The PY1–PY2 lease-up dip clears as the senior loan I/O period begins. Stabilization at PY4 carries 1.85x average DSCR through to exit.
NOI Growth Trajectory
From lease-up to Y5 exit
PY1 '26
PY2 '27
PY3 '28
PY4 '29
PY5 '30
Y3 NOI
$798,229
Y5 NOI
$951,267
Stabilized YoC
8.63% (PY4)
Debt Service Coverage
DSCR by Year
Average DSCR (PY4–Y5): 1.85x · Lender covenant: 1.20x
2.5x2.0x1.5x1.0x0.5x
PY1PY2PY3PY4PY5
Mechanic·4-yr interest-only at $433k/yr converts to fully-amortizing P&I at $587k/yr from Y5 (+35.5% step). Coverage stays comfortably above the 1.20x covenant throughout; NOI grows ~4–5%/yr while debt service stays flat post-conversion.
MECHANIC NOTE · Senior debt is structured 3-yr I/O ($433K/yr) followed by P&I ($587K/yr) on a 25-year schedule. The Y4 step-up is fully absorbed by the stabilized NOI of $910K, holding DSCR above 1.55x even at the worst point. Forward NOI for exit underwriting uses the year following the sale.
08
Capital strategy
Exit at velocity, or compound to a bigger multiple?
Two LP-acceptable outcomes are baked into the model: a clean 5-year exit at 25.43% IRR / 2.98x, or a 10-year hold compounding to 5.55x.
Strategic Decision · End of Year 5
Exit at velocity, or compound to a bigger multiple?
LP Net IRR
25.4%
+4bps vs. other
LP MOIC
2.98x
-2.57x vs. other
LP Profit
$3.80M
-4.93M vs. other
Hold
5 yrs
Why this leg
- Crystallize 25.4% net IRR / 2.98x in five years — premium velocity.
- Recycle LP capital into the next opportunity quickly.
- Lower duration risk: avoid 5+ years of interest-rate and cap-rate exposure.
- Clean exit before the senior loan amortization tail compresses cash flow.
Trade-offs
- Surrenders ~$4.93M of compounded LP profit available in the 10-yr scenario.
- Forgoes 5 years of escalator-driven NOI and basis appreciation.
- Re-deployment risk: future deal pipeline must replicate this YoC.
EXIT MECHANICS · Cap rate 6.8% on Y6 forward NOI · Gross sale $14,727,030 · DSCR at sale: 1.62x
09
Sensitivity
LP returns across exit cap and rent growth.
Base case is a 6.75% exit cap and 4.5% annual rent growth. The matrix below stress-tests both axes simultaneously.
Sensitivity · LP Net IRR %
Exit Cap × Annual Rent Growth
★ Base case · 25.43% LP Net IRR at 6.75% exit cap, 4.5% rent growth
| 2.5% | 3.5% | 4.5% | 5.5% | 6.5% | |
|---|---|---|---|---|---|
| 6.50% | 24.31 | 25.73 | 27.11 | 28.46 | 29.77 |
| 6.75% | 22.57 | 24.02 | 25.43★ | 26.80 | 28.14 |
| 7.00% | 20.85 | 22.34 | 23.78 | 25.18 | 26.54 |
| 7.25% | 19.16 | 20.68 | 22.16 | 23.59 | 24.98 |
| 7.50% | 17.48 | 19.05 | 20.56 | 22.02 | 23.44 |
Y axis
Exit Cap Rate
Exit Cap Rate
X axis
Annual Rent Growth
Annual Rent Growth
Range
17.48% — 29.77%
17.48% — 29.77%
10
Comparables
Five recent IOS trades, four rent comps.
Pulled from Q3 2024 through Q1 2026. Our $1.02M / AC underwritten basis sits below all five sale comps; our underwritten rents sit ~10% below the rent comp set.
Sales comps · FL IOS
| Asset | Submarket | Closed | Acres | $ / AC | Cap |
|---|---|---|---|---|---|
| Orlando South IOS | Orange, FL | Q3 2024 | 7.4 | $945K | 6.00% |
| Lakeland Yard 17 | Polk, FL | Q2 2025 | 12.0 | $780K | 6.30% |
| Sanford South | Seminole, FL | Q3 2025 | 5.2 | $1.05M | 6.20% |
| Tampa Eastpark | Hillsborough | Q4 2025 | 8.0 | $1.02M | 6.15% |
| Kissimmee Logistics Yard | Osceola, FL | Q1 2026 | 6.5 | $985K | 6.25% |
| Our exit assumption | Poinciana | Q2 2031 | 8.0 | ~$1.02M | 6.75% |
Rent comps · FL Central
| Asset | Type | Asking rent | Δ vs ours |
|---|---|---|---|
| Orlando WH (10K bay) | Warehouse | $17.25 /SF NNN | +11% |
| Kissimmee IOS yard | Outdoor Storage | $8,000 /AC/mo | +14% |
| Lakeland WH (10K bay) | Warehouse | $16.75 /SF NNN | +8% |
| Polk County IOS yard | Outdoor Storage | $7,800 /AC/mo | +11% |
Our underwriting: $15.50 NNN warehouse · $7,000 / AC / mo IOS · 4.5% escalator
11
Risks & mitigants
Eight risks, each priced into the deal.
Construction, leasing, debt, and macro risks are bracketed by underwriting buffers and structural sponsor alignment.
R01Construction Cost Overrun
$292K contingency (5% of pure H+S) + GMP contract; VE round at mobilization.
R02Lease-Up Risk
Three-tenant program reduces concentration; lease-up Q1 2028 → fully stabilized Q3 2028.
R03Interest Rate / Refi Risk
3-yr IO + 25-yr amortization on 5.5% senior; refi window opens post-stabilization.
R04Cap Rate Expansion
Exit underwritten at 6.75% (50 bps above Central FL comp average); stress to 7.50%.
R05Hurricane / Climate
Outside Special Flood Hazard Area; full builder's risk + windstorm coverage in budget.
R06Tenant Concentration
Five independent revenue streams (3 WH bays + 2 IOS pads).
R07Land Acquisition
Off-market sourcing in process; PSA targeted for Q2 2026 close.
R08Market / Submarket
Orlando MSA IOS vacancy <4%; Disney/tourism/Amazon distribution drivers durable through 2030+.
Process
LP commitments due Q1 2026 · Close Q2 2026
For subscription documents, due diligence room access, or to schedule a sponsor call, contact NAHAR Capital Investor Relations.