532-620 North Fulton Street, Fresno, CA 93728 For Sale

Fulton Apartments offers investors a rare low-basis entry point just steps from Downtown Fresno. The 39-unit residential and 10-unit retail property delivers stabilized in-place cash flow with multiple, clearly executable paths to near-term income growth. The residential portfolio operates at 96% occupancy with an 11.9% loss-to-lease, while eight vacant retail units represent immediate lease-up upside. Fulton Apartments is also well-positioned to capture additional income growth through the implementation of annual rent increases.

Fulton Apartments is encumbered by a 55-year Redevelopment Agency Affordability Agreement that expires in 2064. In exchange, the property qualifies for an ad valorem property tax exemption on the apartment portion of the asset, materially enhancing NOI and long-term cash flow durability.

Approximately 36% of units are supported by Section 8 Housing Choice Vouchers, providing a government-backed income floor, while the Redevelopment Agency Agreement qualifies all residential units for a 100% property tax exemption on the apartment side — together delivering a powerful combination of stable income and enhanced returns from day one. A new owner can immediately 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 on top of an already performing base.

Located within a designated Qualified Opportunity Zone, the property delivers meaningful 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, all supported by anchor employers, leading healthcare systems, and major educational institutions.