| Value-add upside: active management targets $750K-$850K Year-2 revenue and a 12.0%-15.2% proforma cap |
| Anchored to 2024 adjusted NOI of $282,643 (11.3% cap); soft 2025 reflects passive ownership, not a deficiency |
| Strong demographics: Galt population +30% since 2000, $86,327 median income, 77% homeownership |
| Two-operator tunnel market - Gilly's is the only direct competitor; ~5,000 homes in the residential pipeline |
| Clean fee-simple express tunnel (real estate + business), acquired 2022; SBA 504/7(a) financing available |