Fulton Apartments: Income Growth
532-620 North Fulton Street, Fresno, CA 93728
39 residential and 10 retail units near Downtown Fresno.
Type:Retail, Multifamily
Property size:
23,497 SF- Added:
- May 12, 2026
- Days on Market:
- 19
- Last Refresh:
- May 14 at 9:31 pm
Property Features for 532-620 North Fulton Street
General Information
- Standard status
- Active
- Size
- 23,497 SF
- Property subtype
- Retail, Multifamily
Building Details
- Year Built
- 1950
Listing agent John Rodiles License #01132594
Listing office The Mogharebi Group
Listing date May 12, 2026
Source Crexi
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 The Mogharebi Group
HighLights
- Ad valorem property tax exemption on the apartment portion, materially enhancing NOI and long‑term cash flow.
- Immediate income growth potential through lease‑up of eight vacant retail units.
- Stabilized in‑place cash flow with 96% residential occupancy.
- Approximately 36% of units are supported by Section 8 Housing Choice Vouchers, providing a government‑backed income floor.
- Located within a designated Qualified Opportunity Zone, delivering meaningful federal tax benefits.
- Potential to increase residential income by raising voucher rents to market rates.
Overview
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.
Location Intelligence
Current Use by Public Records
Retail space
Location Insight
- Map
- Local Demand
- City
- Fresno
- County
- Fresno
- State
- California
- Longitude
- -119.8001359
- Latitude
- 36.7510626
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 39 residential and 10 retail units near Downtown Fresno.
Where is this apartment building located?
The property is located at 532-620 North Fulton Street Fresno, CA.
What are key features of this property?
This property features: Ad valorem property tax exemption on the apartment portion, materially enhancing NOI and long‑term cash flow.; Immediate income growth potential through lease‑up of eight vacant retail units.; Stabilized in‑place cash flow with **96% residential occupancy**.
