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 bed- room, 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 UNIT NO. UNIT TYPE SF CURRENT RENT MARKET RENT 1312 A [1] 2 Bedroom | 1 Bath 645 $750 $750 1312 B 2 Bedroom | 1 Bath 645 $700 $750 1312 C 2 Bedroom | 1 Bath 645 $700 $750 1312 D 2 Bedroom | 1 Bath 645 $675 $750 1312 E 2 Bedroom | 1 Bath 645 $675 $750 1312 F 2 Bedroom | 1 Bath 645 $675 $750 1312 G 2 Bedroom | 1 Bath 645 $675 $750 1312 H 2 Bedroom | 1 Bath 645 $750 $750 1322 A 2 Bedroom | 1 Bath 645 $700 $750 1322 B 2 Bedroom | 1 Bath 645 $700 $750 1322 C 2 Bedroom | 1 Bath 645 $750 $750 1322 D 2 Bedroom | 1 Bath 645 $700 $750 1322 E 2 Bedroom | 1 Bath 645 $700 $750 1322 F [2] 2 Bedroom | 1 Bath 645 $0 $750 1322 G 2 Bedroom | 1 Bath 645 $700 $750 1322 H 2 Bedroom | 1 Bath 645 $675 $750 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 N 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 4 3 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