Representative small-bay industrial asset · illustrative stock imagery, not the actual property
A 118,400 SF, three-building small-bay industrial park in one of the tightest infill submarkets in the country — acquired ~22% below market rent with a defined path to capture it.
The Opportunity
Well-located. Value-focused. Operationally-driven.
Raymer Business Park is a stabilized-but-underpriced infill industrial park where in-place rents sit roughly 22% below today's market. Short remaining lease term and two vacant suites give a hands-on operator a clear, near-term runway to reset the rent roll — in a submarket with effectively no new supply. This is the value-add, small-bay infill thesis Captiva was built to execute, on home turf.
In-place rents of $16.20/SF NNN vs. a $19.80 market — an embedded loss-to-lease captured on rollover, not on speculation.
91% leased across 14 tenants; the largest occupies ~13.5% of GLA. Production, aerospace, food, contractors — durable Valley demand.
The San Fernando Valley is one of the tightest infill industrial markets in the U.S. — geographically supply-constrained.
A 2.6-year WALT and two vacant suites mean the mark-to-market is realized inside the hold, not deferred to a distant exit.
The Asset
| Address | Raymer St Corridor, Van Nuys, CA |
| Property type | Multi-tenant small-bay industrial |
| Buildings | 3 (concrete tilt-up) |
| Rentable area | 118,400 SF |
| Suites | 16 units (3,000–16,000 SF) |
| Year built | 1985–1992 |
| Clear height | 18'–22' |
| Loading | Grade-level + dock-high |
| Site | 5.4 acres (~0.50 FAR) |
| Occupancy at close | 91% (2 suites vacant) |
Tenancy & Rollover
Representative roster. Near-term expirations are the value-creation engine.
| Suite | Tenant | Use | SF | % GLA | Rent $/SF | Expiry |
|---|---|---|---|---|---|---|
| A-100 | Valley Stage & Lighting | Production | 16,000 | 13.5% | $15.00 | 2027 |
| A-150 | Sepulveda Aerospace Components | Aerospace | 13,200 | 11.1% | $16.80 | 2029 |
| B-100 | Balboa Cabinet & Millwork | Light mfg. | 11,800 | 10.0% | $15.60 | 2028 |
| B-140 | Kester Apparel & Textiles | Apparel | 9,400 | 7.9% | $16.20 | 2026 |
| B-180 | Raymer Cold Storage | Food / cold | 12,600 | 10.6% | $17.40 | 2028 |
| C-100 | Van Nuys Auto Works | Automotive | 8,900 | 7.5% | $14.80 | 2026 |
| C-150 | Sherman Electrical Supply | Distribution | 10,700 | 9.0% | $15.40 | 2027 |
| Various | 7 additional small-bay tenants | Mixed | 25,200 | 21.3% | $16.10 | '26–'30 |
| 2 suites | Vacant — lease-up | Value-add | 10,600 | 9.0% | — | — |
Weighted-average lease term at acquisition: 2.6 years. Roughly 30% of GLA rolls or leases up within the first 24 months — the primary lever on the mark-to-market.
Submarket · San Fernando Valley
The San Fernando Valley is effectively built out — ringed by mountains and dense residential, with almost no developable industrial land. Vacancy has held in the low single digits through the cycle, and older in-place leases carry meaningful embedded loss-to-lease. This is exactly the product type and location where local operators find the most durable, supply-protected entry.
Market context grounded in 2025–2026 San Fernando Valley industrial reporting (Colliers, Kidder Mathews, Voit, CBRE). Figures illustrative.
Financials
Net operating income ramp ($M)
NOI grows ~41% over the hold as below-market leases reset and vacancy is absorbed — the return is driven by income, not cap-rate compression.
Exit cap sensitivity · 5-yr hold
| Exit Cap | LP IRR | Equity Multiple |
|---|---|---|
| 4.75% · upside | 18.2% | 2.05x |
| 5.25% · base | 14.8% | 1.85x |
| 5.75% | 11.8% | 1.68x |
| 6.25% · downside | 9.0% | 1.53x |
Investor Calculator
Illustrative, net-to-LP, 5-year hold. Select an investment amount.
| Cash Flow | Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 + Sale |
|---|---|---|---|---|---|
| Operating distributions | $1,500 | $3,000 | $4,500 | $5,500 | $6,500 |
| Capital event (sale) | — | — | — | — | $164,000 |
Business Plan
Acquire, assume management, complete tenant onboarding and rent-roll audit.
Roof, electrical, facade and parking work; build spec suites; lease the vacant 10,600 SF.
Roll 2026–2027 expirations to market; capture the embedded ~22% loss-to-lease.
Proactive management, tenant retention, contractual bumps compounding on a reset roll.
Market a stabilized, diversified infill asset in a supply-locked submarket.
The Property
Illustrative stock imagery of a representative small-bay asset.
Sponsor
Experienced. Hands-on. Aligned.
The Full Document
The complete investment memorandum — same deal, same brand, print-ready. A four-page PDF you can forward, print, or drop into a data room.
Request Access
Qualified investors can request the complete investment memorandum, financial model, and data room for Raymer Business Park.
Request the Investment Memorandum