532-620 North Fulton Street Fresno, CA 93728

Fulton Apartments presents a low-basis entry point for investors, situated steps from Downtown Fresno. This property features 39 residential units and 10 retail units, offering stabilized in-place cash flow with potential for near-term income growth. The residential portfolio operates at a 96% occupancy rate with an 11.9% loss-to-lease, while eight vacant retail units provide immediate lease-up upside. The property is positioned to capture additional income growth through annual rent increases. It is subject to a 55-year Redevelopment Agency Affordability Agreement expiring in 2064, which qualifies the apartment portion of the asset for an ad valorem property tax exemption, enhancing NOI and long-term cash flow. Approximately 36% of the units are supported by Section 8 Housing Choice Vouchers, providing a government-backed income floor. The Redevelopment Agency Agreement qualifies all residential units for a 100% property tax exemption on the apartment side. A new owner can pursue voucher rents to market and capitalize on Section 8 annual rent adjustments, which have averaged approximately 5% in recent years. Combined with retail lease-up, the asset offers a diversified, layered value-add strategy. Located within a designated Qualified Opportunity Zone, the property delivers federal tax benefits on qualifying investments. Direct freeway access via the 180 and 99 connects residents to Downtown Fresno, major employment centers, and the broader Central Valley. The property size is 23497 square feet.