Kyle Tran
USC Real Estate Development | Data Analytics
USC B.S. Real Estate Development | Minor Applied Analytics
Executive Summary
The Cardinal & Gold Core+ Fund presents a compelling industrial real estate investment opportunity targeting core+ returns with stable, risk-adjusted performance. This analysis evaluates two strategic industrial assets in Southern California's high-barrier markets, leveraging sophisticated financial modeling and market analysis to project a 13.2% LP IRR with a 2.27x equity multiple over a 10-year hold period.
$61.8M
Total Investment
↑ Premium Assets
13.2%
Target LP IRR
↑ Above Market
2.27x
Equity Multiple
↑ Strong Returns
175K SF
Total Portfolio
↑ Scale Benefits
Portfolio Properties
Prime Location
Redlands Industrial Center
Redlands, CA - Inland Empire
100,000 SF
Building Size
$37.8M
Purchase Price
5.5%
Going-in Cap Rate
95%
Occupancy
Value-Add
Torrance Logistics Hub
Torrance, CA - South Bay
75,000 SF
Building Size
$24.0M
Purchase Price
5.2%
Going-in Cap Rate
88%
Occupancy
Financial Performance Analysis
10-Year Financial Projections - Redlands
| Year | Rental Revenue | Operating Expenses | NOI | Debt Service | Cash Flow | Cash-on-Cash |
|---|---|---|---|---|---|---|
| Year 1 | $4,159,866 | ($962,396) | $2,959,535 | ($2,442,000) | $517,535 | 7.2% |
| Year 2 | $4,240,863 | ($982,135) | $3,035,756 | ($2,442,000) | $593,756 | 7.8% |
| Year 3 | $4,323,480 | ($1,002,282) | $3,113,933 | ($2,442,000) | $671,933 | 8.4% |
| Year 4 | $4,407,750 | ($1,022,846) | $3,194,113 | ($2,442,000) | $752,113 | 9.0% |
| Year 5 | $4,493,705 | ($1,043,836) | $3,276,334 | ($2,442,000) | $834,334 | 9.6% |
Investment Presentation
2.3 MB • PDF
Redlands Model
1.8 MB • Excel
Torrance Model
1.5 MB • Excel
Market Analysis
890 KB • PDF
Investment Committee Team
USC Marshall School of Business
Kyle Tran
Lead Analyst
EA
Eitai Abutul
Financial Modeling
IH
Ilias Hwang
Market Research
Oscar Yan
Risk Analysis