Confidential Offering Memorandum
Kettleman Estate
Premier 80-Acre Walnut Orchard
Location
Lodi, California
Total Acreage
80.2 Acres
In Production
60 Acres
20080 East Kettleman Lane
Lodi, CA 95240
walnuts.wentzel.ai
December 2025
Property Overview
Kettleman Estate
Page 2
Total Land
In Production
Commercial Barn / Shop
Private Airstrip
Walnut Orchard
- ●60 acres Chandler (2017)
- ●7 acres plantable
- ●Micro-sprinkler irrigation
- ●Peak production potential
Infrastructure
- ●8,900 SF barn · 7 doors
- ●3 horse stalls + wash rack
- ●5 PG&E meters + generator
- ●88' tower (leased income)
Water Resources
- ●100HP pump · 1,100 GPM
- ●Full orchard in single set
- ●4-acre pond with fountain
- ●Rainwater capture system
Residence
- ●2016 home · ~1,200 SF
- ●2 approved building sites
- ●Panoramic orchard views
- ●Estate development potential
Private Aviation
- ●75' × 2,000' graded strip
- ●Direct fly-in access
- ●Convertible to ~3 acres
- ●Rare recreational amenity
2026 Forecast
- Revenue: $432,000
- Expenses: ($154,000)
- ─────────────
- NOI: $278,000
Investment Highlights
Financial Performance
Crop History & Revenue
Page 3
Yield History (60 Planted Acres)
| Year | Leaf | Total Lbs | Lbs/Acre | Price/Lb | Revenue |
|---|---|---|---|---|---|
| CY2020 | 3rd | 8,220 | 137 | $0.65 | $5,341 |
| CY2021 | 4th | 54,900 | 915 | $0.74 | $40,699 |
| CY2022 | 5th | 96,040 | 1,601 | $0.95 | $91,238 |
| CY2023 | 6th | 222,660 | 3,711 | $0.78 | $173,675 |
| CY2024 | 7th | 205,600 | 3,427 | $1.19 | $245,452 |
| CY2025 | 8th | 302,100 | 5,035 | $1.20* | $362,520* |
| CY2026 | 9th | 360,000 | 6,000 | $1.20* | $432,000* |
* Forecasted values based on projected yield and $1.20/lb price
Yield Growth Trajectory (Lbs/Acre)
137 lbs.
'20
915 lbs.
'21
1,601 lbs.
'22
3,711 lbs.
'23
3,427 lbs.
'24
5,035 lbs.
'25
6,000 lbs.
'26*
* 2026 forecasted at mature orchard yield
106%
5-Year CAGR
CY2020 to CY2025
5,035
Peak Yield (CY2025)
Lbs per acre
$278K
Forecast NOI
CY2026
Financial Performance
Operating Expenses & Profitability
Page 4
Annual Operating Expenses
| Year | Cultural Costs | Overhead | Total Expenses |
|---|---|---|---|
| 2020 | $36,500 | $91,280 | $127,780 |
| 2021 | $71,200 | $85,772 | $156,972 |
| 2022 | $52,200 | $72,250 | $124,450 |
| 2023 | $52,200 | $84,725 | $136,925 |
| 2024 | $63,500 | $72,564 | $136,064 |
| 2025* | $63,500 | $88,500 | $152,000 |
| 2026* | $63,500 | $90,500 | $154,000 |
Net Operating Income (NOI)
| Year | Revenue | Expenses | Net Income |
|---|---|---|---|
| 2020 | $5,341 | $127,780 | -$122,439 |
| 2021 | $40,699 | $156,972 | -$116,273 |
| 2022 | $91,238 | $124,450 | -$33,212 |
| 2023 | $173,675 | $136,925 | +$36,750 |
| 2024 | $245,452 | $136,064 | +$109,388 |
| 2025* | $362,520 | $152,000 | +$210,520 |
| 2026* | $432,000 | $154,000 | +$278,000 |
* Forecasted values. Orchard reached profitability in Year 6 (2023)
Cost Breakdown (2026 Est.)
Investment Returns
2026 Projected NOI
$278,000
Mature Orchard Potential
$300K+ annually
Property Gallery
Visual Overview
Page 5
Aerial View - Walnut Orchard
Mature Canopy Detail
Estate Grounds
Orchard Rows
Private Airstrip
4-Acre Pond
Drone Video Tour Available
Visit walnuts.wentzel.ai/media for HD aerial footage