Two-Building 16-Unit Apartment
For Sale
$2,400,000
1312 East Bulldog Lane, Fresno, CA 93710
Two adjacent 16-unit multifamily buildings offer identical 2BR/1BA units on a single, zoned R-4 site.
Property Size12,240 SF
Lot Size0.37 Acres
Price / SF$196.08
Days on Market50
Property Features for 1312 East Bulldog Lane
General Information
Standard status
Active
Size
12,240 SF
Lot size
0.37 Acres
Property subtype
Multifamily
Zoning
R-4
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
16
Building Details
Building Size
12,240 SF
Year Built
1965
Tenancy
Multi
Listing Agency:
eXp Commercial
(818) 433-0548
Listed By:
Karl Markarian · License #CalDRE #01932970
Source:
7s
Added: Jun 24
Changed: Aug 8
Last Checked: Aug 11 at 4:56AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of eXp Commercial
Investment Insights
Based on property information with market context.
1312 and 1322 E. Bulldog Lane is a 16-unit, 1965-vintage multifamily property comprising two adjacent buildings operated as a single asset. The site contains 16 units with identical 2BR/1BA floor plans, each with 765 rentable square feet, simplifying ongoing operations, turnover, and capital planning. Fifteen of the units are revenue-generating, and one unit is occupied by on-site property management.
The property is on a 16,117 SF lot and is zoned R-4, which supports the existing density. The site is located within FEMA Flood Zones C and X, classified as areas of minimal flood hazard.
For tenants and investors seeking a straightforward unit mix, the uniform plan configuration supports consistent leasing and operational management across the property’s 16 units.
The property is on a 16,117 SF lot and is zoned R-4, which supports the existing density. The site is located within FEMA Flood Zones C and X, classified as areas of minimal flood hazard.
For tenants and investors seeking a straightforward unit mix, the uniform plan configuration supports consistent leasing and operational management across the property’s 16 units.
Key Highlights
- 16‑unit multifamily asset with two adjacent buildings operated as one property (1965 vintage, year built 1965).
- All units are identical 2BR/1BA floor plans with 765 rentable SF each, totaling 12,240 rentable SF.
- 15 of 16 units are revenue‑generating, with 1 unit occupied by on‑site property management.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$140,443
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.85%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,808,860
$2.8M
Cap Rate 7%
$2,006,329
$2.0M
Cap Rate 9%
$1,560,478
$1.6M
Market Conditions
NOI Build-Up for 12,240 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$268.8K $21.96/SF
− Vacancy
−$13.4K −$1.10/SF
EGI
$255.4K $20.86/SF
− OpEx
−$114.9K −$9.39/SF
NOI
$140.4K $11.47/SF
Area
Fresno, CA
Vacancy
5.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,808,860
Cap Rate 7%
$2,006,329
Cap Rate 9%
$1,560,478
Alternative Uses
Best Use
Apartment 5plus
$2.01M
$1.76M – $2.34M
NOI $140,443 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.61M
$3.16M – $4.21M
NOI $252,487 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,560
Businesses Nearby
Explore this area
Business Placement
Demographics for 93710, CA
30,552
Population
12,581
Households
2.4
Avg Household Size
32
Median Age
30%
College-Educated
89%
High-School Grad
6.2 sq mi
ZIP Area
4,928
Density / Sq Mi
$62,294
Median Household Income
$32,232
Median Earnings
$1,337
Median Rent
$348,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two adjacent 16-unit multifamily buildings offer identical 2BR/1BA units on a single, zoned R-4 site.
Where is this apartment building located?
The property is located at 1312 East Bulldog Lane Fresno, CA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 16‑unit multifamily asset with two adjacent buildings operated as one property (1965 vintage, year built 1965).; All units are identical 2BR/1BA floor plans with 765 rentable SF each, totaling 12,240 rentable SF.; 15 of 16 units are revenue‑generating, with 1 unit occupied by on‑site property management.
