Bulldog Court Apartments 1312-1322 Bulldog Lane Fresno, California

BULLDOG COURT APARTMENTS 1312-1322 BULLDOG LANE FRESNO, CALIFORNIA

$1,230,000 | $76,875 PER UNIT 16 UNITS IN 2 BUILDINGS BULLDOG COURT BRETT VISINTAINER, CCIM 1312-1322 BULLDOG LANE | FRESNO, CALIFORNIA Principal, Visintainer Group

bre�@visintainergroup.com 559.890.0320 OFFICE OFFERING 3 559.916.0370 MOBILE CA Agent License 01792092

PROPERTY DESCRIPTION 5

KEVIN GOESSLING Mul�-Family Investment Advisor, Visintainer Group VALUE SUMMARY 7 [email protected] 559.890.0321 OFFICE 714.747.2922 MOBILE LOCATION MAPS 8 CA Agent License 02054008

RENT & SALE COMPARABLES 9 JESSICA YOUNG Opera�ons Manager, Visintainer Group

DEMOGRAPHICS 11 [email protected] 559.890.0319 OFFICE

CA Agent License 01498704

7636 N Ingram Avenue, Suite 103 Fresno, CA 93711

CA Broker License 02047928 visintainergroup.com BULLDOG COURT | FRESNO, CALIFORNIA VISINTAINER GROUP | INVESTMENT REAL ESTATE

OFFERING Visintainer Group, on behalf of Ownership, is pleased to present the opportunity to acquire this 16-unit, two-story multifamily investment. Built in 1965, the property is located within an off- campus student living apartment neighborhood, with easy access to multiple entertainment, retail, dining, and educational locations. Opportunistically priced as a value-add investment for $1,230,000 ($76,875/unit), Bulldog Court is priced to sell. This multi-family investment is uniquely positioned to attract savvy investors who are competing to find realistic upside within a turn- key property. The highly attractive unit mix showcases 100% 2 Bedroom/1 Bath units.

The subject property is located conveniently on Bulldog Lane, the main street used to access Bulldog Stadium, a variety of off-campus student apartments, and the Greek Life community. The property has easy access to major highways including Highways 41 and 168 and is advantageously positioned within walking distance (1/4 mile) to the California State University, Fresno. Bulldog Court is only a short commute to the nearby elementary schools, middle school, high school, Fresno Pacific University and Fresno City College.

Tenants will enjoy the potential for a simplified commute to work, with nearby major employers including California State University-Fresno, Kaiser Permanente Hospital, Fresno Unified School District, and numerous service-oriented employers. Additionally, a variety of entertainment opportunities are nearby, as the property is less than a mile from Fashion Fair Mall, the largest regional mall in the Central Valley. Ultimately, this location is an ideally centralized locale for educational, business, and entertainment tenant necessities.

This property offers the duality of some short-term upside from increasing rents (when leases turnover) to an already near-stable property. The pro forma analysis indicates a potential increase in current income of 11.1%. Since acquiring the property, the owner has restored this investment back up to market conditions, which will provide the new owner with immediate opportunity to maximize NOI within Year 1. The ideal investor will appreciate the value this property adds to the surrounding community, and with the incentive of improving cashflow on this investment, will take pride in owning this property.

BULLDOG COURT | FRESNO, CALIFORNIA VISINTAINER GROUP | INVESTMENT REAL ESTATE

INVESTMENT SUMMARY HIGHLIGHTS

OPPORTUNITY TO INCREASE GROSS REVENUE BY 14.01% PRICE $ Upside for investor, when leases rollover, to increase rents. Market rent for this property is $750 per unit, while current rent is $702 per unit. The current actual $1,230,000 income is $126,300. By filling the lone vacancy and increasing rents to market, the 6.82% Year 1 Pro Forma Cap Rate new owner can increase the income to $144,000 – a 14.01% increase.

100% OF UNITS ARE 2 BEDROOM UNITS – HIGHLY DESIRABLE UNIT MIX With the lowest vacancy rates of any unit type, this property exclusively offers 2 bedroom, 1 bath units. The highly attractive mix will improve rentability when leases turn over.

CENTRALLY LOCATED FOR BUSINESS, DINING, AND ENTERTAINMENT The property is centrally located to a variety of entertainment options for tenants to enjoy. With a short drive to Shaw Avenue, tenants will enjoy a variety of upscale casual dining options at Fashion Fair Mall, featuring Fleming’s Steakhouse, BJ’s Restaurant, and Cheesecake Factory. Also, the property is just minutes from the Campus Pointe and River Park retail and entertainment centers, with Sierra Vista Mall in nearby Clovis, as well.

WALKING DISTANCE TO CALIFORNIA STATE UNIVERSITY, FRESNO Tenants who attend Fresno State will be excited to learn they have a brief 10-minute walk to campus, making it one of the closer apartments in proximity. Tenants could easily quicken the commute with a bicycle or scooter, as well.

EDUCATION: CONVENIENT LOCATION FOR STUDENTS AND PARENTS For tenants, taking the kids to school is a simple stop. Just across from this property’s front gate sits Stone Soup, a preschool that recently moved into the neighborhood. PRICE PSF PRICE PER UNIT Schools are close by at every level after, as well, with Wolters Elementary (.5 mi), $100.49 $76,875 Ahwahnee Middle School (1.5 mi), Hoover High School (.75 mi), and a short commute to Fresno State, Fresno City College, and Fresno Pacific University. CURRENT GRM CURRENT NOI 9.74 $73,996 WORKFORCE FROM NEARBY HIGHER EDUCATION Major employers in the area include California State University, Fresno, Community PRO FORMA GRM PRO FORMA NOI Medical Center, Fresno Unified School District, St. Agnes Medical Center, Pelco by 8.54 $83,920 Schneider Electric, and many more, providing a strong workforce tenancy pool. BULLDOG COURT | FRESNO, CALIFORNIA VISINTAINER GROUP | INVESTMENT REAL ESTATE

ADDRESS 1312-1322 Bulldog Ln| Fresno, CA 93710

APN 418-162-25

YEAR BUILT 1965

NUMBER OF BUILDINGS 2

NUMBER OF UNITS 16

NUMBER OF OCCUPIED UNITS 15

SQUARE FEET 12,240 SF

LOT AREA 16,125 SF

ZONING R-4

OPPORTUNITY ZONE

The property is located in an Opportunity Zone - one of the census tracts designated by state and federal governments targeted for economic development. There are key tax benefits and incentives for investing in an Opportunity Zone: Deferred gain is reduced by 10% after 5 years PROPERTY OVERVIEW Deferred gain is reduced by another 5% (15% total) after 7 years Permenant capital gains exemption on appreciation in the interest in the opportunity zone fund itself for investments held for 10+ years BULLDOG COURT | FRESNO, CALIFORNIA VISINTAINER GROUP | INVESTMENT REAL ESTATE

UNIT MIX & RENT

TOTAL 16 $10,525 $12,000

[1] Onsite Manager occupies 1312 A and pays $330. The remainder of this rent is applied as a management fee in expenses. [2] Vacant unit. BULLDOG COURT | FRESNO, CALIFORNIA VISINTAINER GROUP | INVESTMENT REAL ESTATE

VALUE SUMMARY

CURRENT PRO FORMA INCOME Gross Poten�al Rental Income $144,000 $144,000 Loss to Lease ($8,700) 6.0% $0 0% Vacancy ($9,000) 6.3% ($7,200) 5.0% Eﬀec�ve Rental Income $126,300 $136,800

ANNUAL PER UNIT ANNUAL PER UNIT EXPENSES Insurance $4,361 $273 $4,361 $273 Oﬃce Supplies $141 $9 $141 $9 R&M $8,000 $500 $8,000 $500 U�li�es $7,808 $488 $7,808 $488 Landscaping $1,020 $64 $1,020 $64 Pest $1,500 $94 $1,500 $94 Business Taxes $416 $26 $416 $26 Property Taxes (1.6307% of Value) $20,058 $1,254 $20,058 $1,254 Management [1] $9,000 $563 $9,576 $599 TOTAL EXPENSES $52,304 $3,269 $52,880 $3,305 % of ERI 41.4% 38.7% Per Unit $3,269 $3,305

Net Opera�ng Income $73,996 $83,920 Annual Debt Service (DCR 1.32) $56,086 $56,086 Cash Flow A�er ADS $17,911 $27,835

[1] Current analysis shows management is market rent due to onsite manager currently occupying 1312 A and not paying rent. Pro Forma management is 7% of ERI.

VALUE $/UNIT CAP RATE GRM CASH ON CASH CAP RATE GRM CASH ON CASH $1,230,000 $76,875 6.02% 9.74 3.68% 6.82% 8.54 5.72%

LOAN TERMS

DOWN PAYMENT LOAN AMOUNT LTV INTEREST RATE AMORTIZATION ADS LOAN FEE - 1% INITIAL INVESTMENT $430,500 $799,500 65% 5.00% 25 YEARS $56,086 $7,995 $486,586 BULLDOG COURT | FRESNO, CALIFORNIA VISINTAINER GROUP | INVESTMENT REAL ESTATE

BULLDOG PLAZA HOOVER H.S.

BARSTOW AVENUE CEDAR AVENUE N FIRST STREET CALIFORNIA STATE UNIVERSITY, FRESNO KING’S COURT APARTMENTS

MONARCH SUBJECT APARTMENTS PROPERTY

COLLEGE MANOR APARTMENTS

CAMPUS CHALET BULLDOG WOLTERS ELEMENTARY CENTRAL PARK VILLAGE CAMPUS EDGE CONDOMINIUMS VILLAGE AT NINTH APARTMENTS APARTMENTS

SHAW AVENUE BULLDOG COURT | FRESNO, CALIFORNIA VISINTAINER GROUP | INVESTMENT REAL ESTATE

SUBJECT PROPERTY

1 2

RENT COMPARABLES

MILES FROM ADDRESS SUBJECT PROPERTY UNIT TYPE # OF UNITS SF RENT RENT/SF % OF TOTAL

1 Wood Winds Apartments 0.02 miles 2 Bedroom | 1 Bath 16 745 $850 $1.14 100% 1360-1380 Bulldog Ln | FRESNO

2 1388 Bulldog 3Ln | FRESNO 0.05 miles 2 Bedroom | 1 Bath 16 650 $700 $1.08 100%

3 1340-1348 E San Bruno | FRESNO 0.10 miles 1 Bedroom | 1 Bath 8 550 $575 $1.05 50% 2 Bedroom | 1 Bath 8 750 $775 $1.03 50% TOTAL 16 650 $675 $1.04

4 Monarch Apartments 0.20 miles 2 Bedroom | 1 Bath 16 700 $700 $1.00 100% 5280 N 6th Street | FRESNO BULLDOG COURT | FRESNO, CALIFORNIA VISINTAINER GROUP | INVESTMENT REAL ESTATE

SALE COMPARABLES

ADDRESS SALE DATE SALE PRICE UNITS PRICE PER UNIT SF PRICE PSF YEAR BUILT CAP RATE GRM

1312-1322 Bulldog Ln $1,230,000 16 $76,875 12,240 $100.49 1965 6.02% 8.54 Fresno, CA 93710

3 1 4880 E University Ave 12-31-18 $1,150,000 16 $71,875 20,474 $56.17 1970 6.38% 12.39 Fresno, CA 93703

2318 Mar�n L King Blvd 9-28-18 $1,400,000 20 $70,000 17,104 $81.85 1965 8.70% 6.90 2 Fresno, CA 93706

3 5280 N 6th Street 8-17-18 $845,000 16 $52,813 12,644 $66.83 1964 5.50% 6.29 Fresno, CA 93710

4 1484 N Cedar Ave 6-18-18 $1,150,000 18 $63,889 14,040 $81.91 1965 6.28% 9.55 Fresno, CA 93703

MARKET AVERAGE $1,136,250 18 $64,644 16,066 $71.69 1966 6.72% 8.78 BULLDOG COURT | FRESNO, CALIFORNIA VISINTAINER GROUP | INVESTMENT REAL ESTATE

DEMOGRAPHICS

POPULATION 1 MILE 3 MILES POPULATION BY AGE (2018) 1 MILE 3 MILES

2023 PROJECTION 22,338 155,569 MEDIAN AGE 27.3 28.1 2018 21,696 151,337 1 MILE 3 MILES

10.5% 11.0% 27.3% HOUSEHOLDS 1 MILE 3 MILES 27.9% 2023 PROJECTION 8,172 57,286 11.8% 11.2% 2018 7,957 55,840

8.9% 9.5%

HOUSING UNITS 1 MILE 3 MILES 4.8% 5.7% 2023 PROJECTION 8,794 61,667 36.7% 34.7% 2018 8,555 60,074 Under 20 20-34 Years 35-39 Years 40-49 Years 50-64 Years Age 65+ RENTER OCCUPIED 5,578 31,238 OWNER OCCUPIED 2,378 24,570

HOUSEHOLDS BY INCOME (2018) 1 MILE 3 MILES POPULATION BY EDUCATION LEVEL AGE 25+ (2017) AVERAGE HOUSEHOLD INCOME $50,895 $64,987 1 MILE 3 MILES MEDIAN HOUSEHOLD INCOME $34,957 $44,828 6.0% 7.2% 8.9% 1 MILE 3 MILES 10.2% 30.4% 32.4% 11.9% 15.3% 22.3% 18.1% 23.2% 9.0% 12.6% 22.3%

14.1% 11.4% 16.4% 11.1% 31.5% 27.9%

14.9% Elem. (0-8) Some H.S. (9-11) H.S. Graduate (12) Some College College Degree+ (Associate, Bachelors, Graduate) 14.9% 11.4% 16.6%

$100,000+ $75,000-$99,999 $50,000-$74,999 $35,000-$49,999 $25,000-$34,999 $15,000-$24,999 Under $15,000 BULLDOG COURT | FRESNO, CALIFORNIA

FRESNO | CALIFORNIA

Located in the heart of California’s agricultural Central Valley, Fresno is the region’s epicenter for education, entertainment, and agriculture. The community offers abundant shopping, vibrant neighborhoods, and a young, diverse population. Fresno’s relatively-young population is viewed as favorable towards rental housing. The market’s residents aged 20 to 34 years, the age cohort most likely to rent apartments, comprise 22.9% of the population, compared to 20.6% for the nation as a whole. In addition, Fresno’s median age is currently 32.4, which is more than five years younger than the US median age of 37.8. Population growth in Fresno is projected to continue to outpace the national average during the next several years.

This investment is advantageously positioned to accommodate student tenants. The region's principal higher education institution, California State University, Fresno, is located within walking distance of the property. This property is located adjacent to the university’s Greek Life neighborhood and only a five-minute walk to Bulldog Stadium, home to the NCAA Division 1 Fresno State Bulldogs, who have received nationwide exposure with a Top 25 finish in 2018. The university enrolled 24,000 students in fall 2016, with approximately 2,334 full and part-time faculty and staff members.

Just a couple miles southwest of the subject property is the Fig Garden Village Shopping Center. The center has the only Whole Foods in Fresno and is home to over 65 retailers including luxury brands such as Pottery Barn, Lululemon, and Banana Republic. Also located only a few blocks south of the property is the Fashion Fair Mall, the largest regional mall in the Central Valley. With just under 100,000 square feet, Fashion Fair is anchored by Macy's and JCPenney and offers over 130 other retailers, restaurants, and services.

Fresno is located 200 miles north of Los Angeles, 170 miles south of Sacramento, and 65 miles south of Yosemite, providing residents with a short drive to skiing, beaches, fishing, and other outdoor attractions. DISCLAIMER AND DISCLOSURE AGREEMENT

Any information provided with this Offering Memorandum shall be considered strictly confidential at all times. As an express condition of you receiving and reviewing this Offering Memorandum you agree to treat its contents confidential and to ensure that anyone you provide this information, in whole or in part, agrees to keep the contents strictly confidential as well. We reserve the right to issue you a recall notice, in which case you agree to return this information to us and to recover and transmit any copies you have furnished to other parties, including prospective purchasers.

You also understand that the information in this Offering Memorandum is being provided in good faith and largely using information provided by our client or public resources, and that in no way to do we verify or guarantee the ultimate accuracy of information contained herein, including without limitation: values of properties; square footage; zoning or land use; actual versus projected NOI figures; the strength or intentions of any tenant; any condition of title; area tenants or tenant mixes; comparable sales; land borders or boundaries; the existence or absence of any hazardous materials or substances; the topography or suitability of land for construction or expansion; and/or the coverage, duties or limitations imposed by any CC&Rs, DDAs, REAs or otherwise.

You and your client’s due diligence (once in escrow) is the opportunity you have to complete a final verification of any information you determine is necessary for vetting the property or properties and you may not rely on information in this Offering Memorandum.

You also understand that this Offering Memorandum contains abbreviated or summary versions of key facts or data and are not intended to be comprehensive or all-inclusive list of information. No warranty or representation, expressed or implied, is made by the owner, the agent, the broker of record or our company as to the accuracy of the information contained herein or any other written or oral communications.

We expressly disclaim any liability connected with the information or other communications made in the course of listing, negotiating, escrow, closing or post-closing.

This Offering Memorandum is subject to modification, rescission, termination or withdrawal, with or without notice. It is not deemed to be an offer to sell any property. The property owner or owners shall have no legal commitment or obligation to any interested party reviewing this Offering Memorandum to accept an offer or respond to an offer. 7636 N Ingram Avenue Suite 103 Fresno, CA 93711 visintainergroup.com