Income & Occupancy 100% occupied — all 8 units currently leased, with several leases running through 2027 Staggered lease expirations (March–September 2027) reduce turnover risk in any single period In-place income helps carry the asset through entitlement/permitting on the excess land Financial Performance NOI grew from $85,099 (FY2024) to $88,078 (FY2025) TTM (Aug '25–Jul '26) NOI of $84,776 on total income of $108,552 Implied cap rate of 6.40%–6.65% across FY2025/TTM at the $1,325,000 ask Illustrative cap rate of 7.05% if current in-place rent roll ($117,180 annualized) is held against TTM expenses Development Upside Conceptual site plan supports six (6) additional home sites on the excess land Flexible exit strategy — sell finished lots, build-to-rent, or build-for-sale [13.21 AC] total site, with [10 AC +/-] considered excess/developable (both still flagged pending verification) Location Located in Hillsborough, NC — historic Orange County seat with strong household incomes and easy access to Durham, Chapel Hill, and RTP Orange County ranks among the fastest-growing, highest-income counties in the state Median household income of $98,163 (town) / $105,887 (ZIP 27278); average household income over $127K–$135K Deal Basics $1,325,000 asking price / $165,625 per unit Built 1960; low expense ratio (NOI margin 78–84% across the period shown)