Investment Overview

Marcus & Millichap is pleased to present The Fultonia Apartments located in the heart of the Tower District in Fresno. The property consists of 39 apartments units, and 10 commercial units. Two of the commercial units are being leased and the other 8 units are vacant. Fultonia Apartments has 23,872 square feet on a 0.79 acres. The building has a very favorable unit mix: (16) studios that are approximately 422 square feet, (22) one-bedroom/one-bathroom that are approximately 640 square feet and (1) two-bedroom/one-bathroom that is approximately 1,228 square feet. The property was built in 1950 but renovated in 2020. There is new electrical and plumbing (PEX). All of the interior units have been upgraded with new flooring, paint and black appliances. There is a laundry room for additional income. Fultonia Apartments is located in the heart of Tower District near retail, schools, etc. There is easy access on and off Highway 180 to get to the property. Priced at a 6.04% cap rate and 7.60 GRM on current income, the subject property represents a positive leverage opportunity to add value by continuing to raise rents per year and pushing rents to market on turnover. There is also tremendous upside to build out the remaining commercial units and lease those out.