Bulldog Court

Investment Overview

1312 and 1322 E. Bulldog Lane is a 16-unit, 1965-vintage multifamily property comprising two adjacent buildings operated as a single asset. The improvements sit on a 16,117 SF lot (0.37 acres) at a density of 42.4 units per acre. All 16 units are identical 2BR/1BA floor plans at 765 rentable square feet, totaling 12,240 rentable SF, which simplifies turnover scope, marketing, and ongoing capital planning. The site is zoned R-4, which supports the existing density. The property sits within FEMA Flood Zones C and X, both classified as areas of minimal flood hazard. 15 of the 16 units are revenue-generating, with the remaining unit occupied by on-site property management. THE INVESTMENT The property is priced at $2,400,000, or $150,000 per unit and $196 per rentable SF, on a uniform 2BR/1BA workforce asset. The asking basis sits below replacement cost and below the recent comp set for stabilized 16- to 20-unit Fresno product. Recent leases signed within the property on the same 765 SF floor plan have come in around $1,500, establishing a rent ceiling that legacy in-place rents have not yet reached. The Hoover submarket continues to attract out-of-area capital because rents remain accessible relative to coastal California while operating expenses stay in line with Central Valley norms. THE OPPORTUNITY The upside is two-track. The rent track is internally proven. Turnover on legacy units brings in-place rents up to the levels new leases at the property are already achieving, with no need to rely on outside market data. A measured interior scope on turnover, combined with RUBS implementation, supports the rent push without major structural work. The operational track is equally clear. An eviction is currently in process at one unit, and several legacy balances remain outstanding under current ownership. New ownership with tighter property management captures both the rent normalization and the collections discipline. These gains compound. The asset suits a regional Central Valley operator, a 1031 buyer trading out of a tighter coastal cap rate, or a private investor entering Fresno at a reasonable per-unit basis with a clear path to NOI growth.

Investment Highlights

• $150,000 per unit on a uniform 2BR/1BA, 765 SF workforce floor plan, below replacement cost and below the recent stabilized comp set for 16- to 20-unit Fresno product.
• 1965 vintage, 16,117 SF lot, 42.4 units per acre. Two adjacent buildings operated as one asset, zoned R-4 to support the existing density.
• Internally proven rent ceiling. Recent in-building leases signed in the $1,500 range, with legacy units rolling to that level on turnover.
• Two-track upside. Rent normalization on turnover plus operational cleanup (active eviction in process, legacy balances to be collected under new ownership).
• Hoover submarket location within walking distance of Fresno State and minutes from Highway 41 and Highway 168. Tenant demand anchored by the university, the regional medical district, and downtown Fresno employment.
• 5-mile trade area of approximately 401,000 residents, median household income of $68,490, average age 37.