The

Mogharebi
Group

49 UNITS |1850 E BIRCH AVE, FRESNO, CA 93720 | UNPRICED

a Mogharebi - Ozen Company
 THE THE FINANCIAL
OPPORTUNITY ASSET ANALYSIS

01 Page 04
02Page 08
03
Page 24

EXCLUSIVELY LISTED BY

ROBIN KANE BRENDAN KANE GORDON LARKIN

Senior Vice President Vice President Senior Investment Advisor
559.761.0020 559.892.0036 559.761.0015
Robin.Kane@Mogharebi.com Brendan.Kane@Mogharebi.com Gordon.Larkin@Mogharebi.com
CA License #00583537 CA License #01976828 CA License #00305847
MARKET
ANALYSIS
CONFIDENTIALITY
& DISCLAIMER CONTENTS
04Page 36
05Page 48
01
THE OPPORTUNITY
THE MOGHAREBI GROUP is pleased
to present the opportunity to acquire Birch Commons, a
49-unit multifamily community located in the city of Fresno,
California, held for over 15 years by the original developer.
Built in 2006 and situated on 4.77 acres, the property is
comprised of two-story buildings housing a unique unit
mix of 1-, 2-, and 3-bedroom floorplans. Birch Commons
features extremely spacious units averaging 1,410 square
feet all equipped with either in-unit washer / dryer or washer
/ dryer hookups, granite countertops, vaulted ceilings,
fireplaces, and 49 garages. The property boasts a swimming
pool, clubhouse, fitness center, laundry facilities, and 66
open parking stalls.

Located in the highly desirable Woodward Park submarket

with a strong 7.5% average annual rent increase, Birch
Commons is within a 15 Minute drive between Fresno
State University and Fresno City College. The property is
also located within the Clovis Unified School District and
is nationally recognized, being named numerously to the
National Blue Ribbon Schools Program and honored more
than 100 times as California Distinguished Schools.

listings.mogharebi.com/view/BirchCommons
 15-Year Long Term Hold
Birch Commons has an over 15-year hold of original
ownership, as the current owner built the property
in 2006.

Attractive Unit Mix of 3, 2, Washer / Dryer Hookups,

and 1-Bedroom Townhomes Large Units Averaging 1,410
with Garages Square Feet
Birch Commons features an attractive unit mix of Birch Commons features extremely spacious units
all (21%) 3 bed, (69%) 2 bed, and (10%) 1 bed averaging 1,410 square feet all equipped with either
townhome-style floor plans featuring oversized in unit washer/ dryer or washer / dryer hookups.
floorplans with granite countertops, vaulted ceilings,
fireplaces, garages and much more. With these
features, the property offers a single-family home
living experience to its residents.

6
Located in the Highly Nationally Recognized
Desirable Woodward Park Clovis Unified School
Submarket District
Birch Commons is located within the highly Birch Commons is located within the Clovis Unified
desirable Woodward Park submarket. The North School District. CUSD serves nearly 39,000
Fresno submarket has seen a strong 7.5% annual students and is nationally recognized, being named
rent increase and continues to reinforce robust numerously to the National Blue Ribbon Schools
market fundamentals. Program and honored more than 100 times as
California Distinguished Schools.

15 Minutes to Fresno State

University & Fresno City
College
Within a 15 Minute drive between Fresno State
University and Fresno City College, Birch Commons
is conveniently located only a short commute to two
of Fresno’s best higher education institutions.
02 THE ASSET
AMENITIES

» Granite Countertops
» Electric Range / Oven
» Hood-fan
Kitchen » Disposal
» Dishwasher
» Refrigerator
» Microwave

» Carpet Flooring in Bedrooms

» Ceramic Tile Flooring in Kitchen, Living and Bath
Areas
» In-Unit Washer & Dryer or Washer & Dryer
Hookups
Unit » Private Yards
» Ceiling Fan
» Fireplace
» Air-Conditioning
» Vaulted Ceilings

» Swimming Pool
» Clubhouse
Common » Fitness Center
Area » 26 Two Car Garages, 23 One Car Garages, and
66 Parking Stalls

XXXX Ample Kitchen Space

10
Spacious Bathrooms

Large Living Rooms

 Community Gym

Sparkling Swimming Pool

Secured Access Community
FRESNO
CALIFOR
 DEMOGRAPHICS

RNIA
2022 EST. POPULATION 653,549

2027 PROJECTED POPULATION 662,566

2022 EST. MEDIAN AGE 32.3

2022 EST.HOUSEHOLDS 211,109

2027 PROJECTED HOUSEHOLDS 214,337

2022-2027 ANNUAL POPULATION GROWTH RATE 0.30%

16
 Top
Employers

1 Fresno Unified School District 11,492

2 Community Regional Medical Center 8,800

3 County of Fresno 7,000

4 Amazon.com, Inc 7,000

5 Clovis Unified 6,000

6 Internal Revenue Service 4,300

7 City of Fresno 3,889

8 Saint Agnes Medical Center 2,867

9 California State University, Fresno 2,850

10 Kaiser Permanente Fresno 2,488

17
 25,341 Students Enrolled

20.8 to 1 Student-to-Faculty ratio California State University, Fresno is the premier regional university
serving Central California’s diverse, growing population. A Pulitzer
Prize-winning faculty member, three “named” schools resulting from
multimillion dollar gifts, and 13 endowed chairs are earning Fresno

103 Degrees offered State a reputation as one of the West Coast’s best universities. Service
to our region is an important part of our mission. The prestigious
Carnegie Foundation for the Advancement of Teaching awarded
Fresno State its Community Engagement Classification, acknowledging

383
acre main campus, which also includes a
1,011-acre University Farm
the university’s extensive partnership with Central California. With
an enrollment of more than 22,000 students, Fresno State offers 59
undergraduate degree programs and 44 master degree programs
in the liberal arts and sciences as well as in a variety of professional

2,533
disciplines emphasizing agriculture, business, engineering and
Total Faculty and Staff
technology, health and human services, and education. A doctorate in
educational leadership also in available.

110 Years of distinction

18
California State University Fresno was founded as the Fresno State Normal School in 1911 with Charles Lourie
McLane as its first president. The original campus was what is now Fresno City College. In 1956, Fresno State
moved its campus to its present location in the northeast part of the city; FCC bought the old campus and moved
back in. It became Fresno State College in 1949, when it was authorized to grant bachelor’s degrees. It became a
charter institution of the State College System of California, forerunner of the California State University System, in
1961. In 1972 the name was officially changed to California State University, Fresno.

19
• The property is less than 8 miles from Fresno Yosemite International
Airport, which serves over 1.4 million passengers, supports 2,100 jobs
directly and 3,800 jobs indirectly, while generating $282 million in sales.
• Proposed High Speed Rail conveniently located near the community.
• Nearby shopping Centers include: Manchester Center, Fig Garden
Village, River Park, Burlington Plaza, Fulton Mall, Arbor-Broadway Faire
and Sierra Vista Mall.
• Nearby attractions include: Fresno Convention Center, Club One Casino,
Fresno Chaffee Zoo, Arte Americas (art museum), Sea Lion Cove, Fresno
Art Museum, and the Discovery Center.
• 5-minute drive from Community Regional Medical Center which is the
third largest employer in Fresno with approximately 5,863 jobs, 6-minute
drive from the Internal Revenue Service (4th largest employer) and the
City of Fresno (5th largest employer) with a combined employee base of
over 7,500.

The city of Fresno is the main economic and cultural hub of the Central
Valley of California, a region that is home to more than 6.5 million residents
and is one of the fastest growing areas in the state. The Central Valley
is also known as the “Breadbasket of the World” and is the main driver of
California’s $54 billion agricultural industry. While agriculture remains the
primary industry (13.14% of jobs), Fresno’s economy continues to diversify,
reflecting its advantageous location and attractive cost of living. Fresno’s
economy is diverse and rapidly expanding as well, adding more than 12,000
non-farm jobs (3.6% year over year growth) in the past twelve months. One
of the Nation’s largest infrastructure projects, the $77 billion High-Speed
Rail, has begun in the Central Valley with an immediate $6 billion investment
in rail construction. The High-Speed Rail is projected to bring and support
100,000 direct and indirect jobs to the broader region over the next five
years. Moreover, major companies like Amazon are leveraging Fresno’s
strategic central location (equidistant between San Francisco and Los
Angeles) by locating distribution centers within the city. Growth in industries
such as trade, transportation, higher education, and solar energy as well as
major economic tailwinds such as the High-Speed Rail are expected to boost
Fresno’s economy for decades to come.

20
FRESNO YOSEMITE
INTERNATIONAL
AIRPORT
Located in the heart of California, Fresno Yosemite International Airport is the largest
commercial airport serving the San Joaquin Valley region. The airport is the primary
gateway to the region’s employment centers and tourist attractions, including three world
renowned national parks – Kings Canyon, Sequoia, and Yosemite. Due to its central
location within the state, the airport is also home to several military, law enforcement,
firefighting, and medical air units . The airport is currently undergoing a $115 million
expansion project adding a 917-space, four-level parking garage and expanding terminal
facilities with two new gates.
FRESNO PRIME FOR GROWTH
AS A DISTRIBUTION HUB
AMAZON FULFILLMENT
CENTER
The 855,000 square foot building is
massive, roughly the size of 14 football
fields. There are 16 miles of conveyor
belts to get packages from shelves to
your home.

Amazon also has hired more people

than the company first projected.
“Now that we’ve met customer demand,
we’re seeing more people want to shop
at Amazon, so we were able to grow to
2,500 associates,” Brown said.
03 FINANCIAL ANALYSIS
Investment Summary

Offering Property
UNPRICED UNITS 49

RENTABLE SF 68,910

YEAR BUILT 2006

Site Details
APN 404-050-39

LOT SIZE 4.77 Acres

DENSITY 10.3 Units / Acre

PARKING SURFACE Concrete / Asphalt

26 Two Car Garages

PARKING 23 One Car Garages
66 Stalls

PARKING RATIO 2.76

26
Construction Mechanical
NUMBER OF BUILDINGS 16 Residential and 1 Common HVAC Centralized (1 / Unit)

NUMBER OF STORIES 2 WATER HEATER Individual Water Heater (1 / Unit)

FOUNDATION Slab-on Concrete FIRE PROTECTION Smoke / CO2 Detectors

FRAMING Wood

EXTERIOR Stucco and Wood

Pitched Asphalt Composite Shingles with

ROOF
Solar Panels (1 / Building)

Utilities
ELECTRICITY RUBS - Master Metered

GAS RUBS - Master Metered

WATER RUBS - Master Metered

SEWER RUBS - Master Metered

TRASH RUBS - Master Metered

27
Unit Mix & Rent Schedule

Total Asking Rent Asking Rent

Estimated Current
Units Floor Plan % of Mix Current Montly Proforma Monthly Proforma
Square Feet Asking Rent
Asking Rent (Year-1) (Year-1)
3 1 / 1.0 6% 939 $1,843 $5,530 $1,970 $5,910

2 1 / 1.0 4% 940 $1,910 $3,820 $2,040 $4,080

16 2 / 2.0 33% 1,271 $2,098 $33,560 $2,240 $35,840

4 2 / 2.5 8% 1,429 $2,110 $8,440 $2,260 $9,040

8 2 / 2.5 16% 1,495 $2,085 $16,680 $2,230 $17,840

6 2 / 2.0 12% 1,540 $2,118 $12,710 $2,270 $13,620

2 3 / 2.5 4% 1,690 $2,205 $4,410 $2,360 $4,720
2 3 / 2.5 4% 1,690 $2,265 $4,530 $2,420 $4,840

6 3 / 2.5 12% 1,701 $2,202 $13,210 $2,360 $14,160

49 68,910 $102,890 $110,050

28 *This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the
information. References to square footage or age are approximate. Income and Expenses are estimates. Buyer must verify the information and bears all risk for any inaccuracies.
 Cash Flow

Current TMG
INCOME Proforma
(July 2022)
Proforma
(Year-1)

Scheduled Gross Rent $1,234,680 $1,320,600

Loss-to-Lease 10.3% ($126,900) 6.0% ($79,236)
Vacancy 2.5% ($30,867) 3.0% ($39,618)
Employee Units 0.9% ($11,580) 0.9% ($12,391)
Effective Rental Income $1,065,333 $1,189,355
Laundry Revenue Collected $648 $2,281
Other Revenue Collected $127,550 $126,772
Total Other Revenue $128,198 $129,053
Effective Gross Income (EGI) $1,193,531 $1,318,409

EXPENSES Per Unit Per Unit

Administrative $151 $7,410 $151 $7,410
Professional Fees $8 $400 $8 $400
Marketing & Advertising $87 $4,245 $87 $4,245
Payroll Expenses $1,176 $57,612 $1,176 $57,612
Utilities $1,934 $94,788 $1,934 $94,788
Insurance $350 $17,150 $350 $17,150
Management Fees 3.00% $731 $35,806 $807 $39,552
Contract Services $622 $30,498 $622 $30,498
Repairs & Maintenance $400 $19,600 $400 $19,600
Real Estate Taxes - - - -
Turnover Costs $250 $12,250 $250 $12,250
Replacement Reserves $300 $14,700 $300 $14,700
Total Expenses $294,459 $298,205
Per Unit: $6,009 $6,086
Per Square Foot: $4.27 $4.33
Percent of EGI: 24.67% 22.62%
NET OPERATING INCOME (EXCLUDING PROPERTY TAXES) $899,072 $1,020,203

29
Other Revenue Analysis

T6 T6 Adjusted Adjusted
Revenue Source Annualized
Amount
Monthly
Amount
Annual
Amount
Monthly
Amount

Laundry Revenue Collected: $128,198 $10,683 $129,053 $10,754

Other Revenue:
Recovery from Deposits 3,824 319 4,725 394

Recovery from Collections 3,232 269 4,333 361

Application Fees 1,360 113 1,620 135

Pet Rent 4,500 375 7,056 588

Late Charges - - 1,235 103

Vending & Telecom Revenue 17,079 1,423 17,079 1,423

Utility Reimbursement Revenue 97,551 8,129 90,720 7,560

Interest Revenue 4 - 5 -

OTHER REVENUE COLLECTED: $127,550 $10,629 $126,772 $10,564

TOTAL OTHER REVENUE: $128,198 $10,683 $129,053 $10,754

30 *This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the
information. References to square footage or age are approximate. Income and Expenses are estimates. Buyer must verify the information and bears all risk for any inaccuracies.
 Operating Expense Summary

Per Per
Current Per Adjusted Per
EXPENDITURE Adjusted Unit
Square
Expenses Unit
Square
Feet Feet

Administrative $7,410 $151 $0.11 $7,410 $151 $0.11

Professional Fees 400 8 0.01 400 8 0.01
Marketing & Advertising 4,245 87 0.06 4,245 87 0.06
Payroll Expenses 57,612 1,176 0.84 57,612 1,176 0.84
Utilities 94,788 1,934 1.38 94,788 1,934 1.38
Insurance 17,150 350 0.25 17,150 350 0.25
Management Fees 35,806 731 0.52 39,552 807 0.57
Contract Services 30,498 622 0.44 30,498 622 0.44
Real Estate Taxes - - - - - -
Repairs & Maintenance 19,600 400 0.28 19,600 400 0.28
Turnover Costs 12,250 250 0.18 12,250 250 0.18
Replacement Reserve 14,700 300 0.21 14,700 300 0.21
Total Expenses $294,459 $6,009 $4.27 $298,205 $6,086 $4.33

31
Rent Roll

Unit Floor Plan Size Actual Actual Asking Asking Actual Comments
No. Rooms Bedrooms Baths (sf) Rent Rent/SF Rent Rent/SF Variance
101 5.0 2.0 2.0 1,540 $2,118 $1.38 $2,118 $1.38 $0 Employee
102 5.0 2.0 2.0 1,540 $2,000 $1.30 $2,118 $1.38 -$118
103 3.0 1.0 1.0 940 $1,563 $1.66 $1,910 $2.03 -$347
104 3.0 1.0 1.0 939 $1,607 $1.71 $1,843 $1.96 -$236
105 3.0 1.0 1.0 940 $1,716 $1.83 $1,910 $2.03 -$194
106 5.0 2.0 2.0 1,271 $1,918 $1.51 $2,098 $1.65 -$180
107 5.0 2.0 2.0 1,271 $2,095 $1.65 $2,098 $1.65 -$3
108 5.0 2.0 2.0 1,271 $1,836 $1.44 $2,098 $1.65 -$262
109 5.0 2.0 2.0 1,271 $1,995 $1.57 $2,098 $1.65 -$103
110 5.0 2.0 2.0 1,271 $2,095 $1.65 $2,098 $1.65 -$3
111 5.0 2.0 2.0 1,271 $1,945 $1.53 $2,098 $1.65 -$153
112 5.0 2.0 2.0 1,271 $1,735 $1.37 $2,098 $1.65 -$363
113 5.0 2.0 2.0 1,271 $1,836 $1.44 $2,098 $1.65 -$262
114 5.0 2.0 2.0 1,540 $1,778 $1.15 $2,118 $1.38 -$340
115 5.5 2.0 2.5 1,495 $1,907 $1.28 $2,085 $1.39 -$178
116 5.5 2.0 2.5 1,495 $1,680 $1.12 $2,085 $1.39 -$405
117 5.0 2.0 2.0 1,540 $2,000 $1.30 $2,118 $1.38 -$118
118 5.0 2.0 2.0 1,271 $1,945 $1.53 $2,098 $1.65 -$153
119 5.0 2.0 2.0 1,271 $2,095 $1.65 $2,098 $1.65 -$3
120 5.0 2.0 2.0 1,271 $1,891 $1.49 $2,098 $1.65 -$207
121 3.0 1.0 1.0 939 $1,669 $1.78 $1,843 $1.96 -$174
122 5.0 2.0 2.0 1,271 $1,836 $1.44 $2,098 $1.65 -$262
123 5.0 2.0 2.0 1,271 $1,735 $1.37 $2,098 $1.65 -$363
124 5.0 2.0 2.0 1,271 $1,686 $1.33 $2,098 $1.65 -$412
125 6.5 3.0 2.5 1,701 $2,000 $1.18 $2,202 $1.29 -$202
126 5.5 2.0 2.5 1,495 $1,700 $1.14 $2,085 $1.39 -$385

32
 Rent Roll

Unit Floor Plan Size Actual Actual Asking Asking Actual Comments
No. Rooms Bedrooms Baths (sf) Rent Rent/SF Rent Rent/SF Variance
127 5.5 2.0 2.5 1,495 $1,700 $1.14 $2,085 $1.39 -$385
128 6.5 3.0 2.5 1,701 $1,934 $1.14 $2,202 $1.29 -$268
129 6.5 3.0 2.5 1,701 $1,934 $1.14 $2,202 $1.29 -$268
130 5.5 2.0 2.5 1,495 $1,680 $1.12 $2,085 $1.39 -$405
131 5.5 2.0 2.5 1,495 $1,917 $1.28 $2,085 $1.39 -$168
132 6.5 3.0 2.5 1,690 $1,905 $1.13 $2,265 $1.34 -$360
133 5.0 2.0 2.0 1,271 $1,870 $1.47 $2,098 $1.65 -$228
134 3.0 1.0 1.0 939 $1,565 $1.67 $1,843 $1.96 -$278
135 5.0 2.0 2.0 1,271 $1,945 $1.53 $2,098 $1.65 -$153
136 6.5 3.0 2.5 1,701 $2,043 $1.20 $2,202 $1.29 -$159
137 5.5 2.0 2.5 1,495 $1,835 $1.23 $2,085 $1.39 -$250
138 5.5 2.0 2.5 1,495 $1,825 $1.22 $2,085 $1.39 -$260
139 6.5 3.0 2.5 1,690 $2,185 $1.29 $2,265 $1.34 -$80
140 6.5 3.0 2.5 1,701 $1,994 $1.17 $2,202 $1.29 -$208
141 5.5 2.0 2.5 1,429 $1,711 $1.20 $2,110 $1.48 -$399
142 5.5 2.0 2.5 1,429 $1,798 $1.26 $2,110 $1.48 -$312
143 6.5 3.0 2.5 1,690 $2,070 $1.23 $2,205 $1.31 -$135
144 6.5 3.0 2.5 1,690 $1,855 $1.10 $2,205 $1.31 -$350
145 5.5 2.0 2.5 1,429 $1,962 $1.37 $2,110 $1.48 -$148
146 5.5 2.0 2.5 1,429 $1,962 $1.37 $2,110 $1.48 -$148
147 6.5 3.0 2.5 1,701 $2,095 $1.23 $2,202 $1.29 -$107
148 5.0 2.0 2.0 1,540 $2,118 $1.38 $2,118 $1.38 $0 Employee
149 5.0 2.0 2.0 1,540 $2,030 $1.32 $2,118 $1.38 -$88
Total 49 256.0 103.0 104.0 68,910 $92,315 $102,890 -$10,575
Averages 1,406 $1,884 $1.34 $2,100 $1.49 -10.3%

33
34
 Financial Notes

Cash Flow
1. Actual Scheduled Rents are derived from the Rent Roll dated July 31, 2022.
2. Expenses are annualized based on a T12-Month Statement Ending in July 2022.
3. Current and Proforma Expenses and Net Operating Income is exclusive of ad valorem property taxes. The current ad
valorem rate is 1.20588% with direct assessments of $682.08.
4. Employee Housing is treated as an economic loss factor, it is not included in payroll.
5. Current Asking Rent is based on a July 31, 2022 rent survey.
6. The projected vacancy allowance includes rollover and potential rent loss.
7. Current Proforma (July 2022) - comprises asking rent, in-place loss-to-lease based on the rent roll, estimated vacancy, T6 other income, and adjusted operating
expenses.
8. TMG Proforma (Year-1) reflects asking rents adjusted upward by 7.00%, partial recapture of loss-to-lease, market occupancy, and adjusted expenses.

Other Revenue Analysis

1. Revenues are annualized based on a T12-Month Statement Ending in July 2022.
2. Laundry Revenue is estimated at 97.00% of units spending an average of $4.00 per month.
3. Recovery from Deposits estimated at 75.00% of the deposit amount, with an average $600.00 deposit.
4. Adjusted Application Fee estimated at $45.00 per adult.
5. Pet rent estimated at $40.00 per unit per month for 30.00% of units.
6. Late Fees estimated at 1.00% of units with an average charge of $209.98.
7. Utility Reimbursement Revenue is for electricity, gas, water, sewer, and trash expenses.
8. Utility Reimbursement Revenue is estimated at 98.00% of units with an average charge of $157.43 per month.

Operating Expense Summary

1. Expenses are annualized based on a T12-Month Statement Ending in July 2022.
2. Actual off-site management equates to 3.98% of EGI and is adjusted to 3.00%.
3. Utilities include expenses for electricity, gas, water, sewer, and trash.
4. Adjusted Insurance is to market rate.
5. Current and Proforma Expenses and Net Operating Income is exclusive of ad valorem property taxes. The current ad
valorem rate is 1.20588% with direct assessments of $682.08.
6. Current Occupancy reported at 100.0%.
7. Employee Housing is treated as an economic loss factor, it is not included in payroll.
8. The variance between budgeted and adjusted expenses is: -64.83%
35
04 MARKET ANALYSIS
Sales Comparables

PROPERTY YR BUILT UNITS SIZE (SF) PRICE PRICE / UNIT PRICE / SF CAP STATUS

Ascent Townhomes 2004 248 322,852 $82,000,000 $330,645 $254 4.52% 6/30/22
5355 N Valentine Ave
1
Fresno, CA 93711

Tuscana Townhomes 2007 30 29,088 $10,700,000 $356,667 $368 4.57% 11/22/21

315 Mt Oso Ave
2
Tracy, CA 95376

Union North 1974 / 91 74,319 $29,250,000 $321,429 $394 4.50% 10/19/21

350 N Union Rd 1979
3
Manteca, CA 95337

Parador Townhomes 2020 168 248,976 $63,018,000 $375,107 $253 4.70% 5/24/21
310 N Amedeo Ln
4
Clovis, CA 93611

Tempranillo Apartments 2019 64 76,416 $20,442,500 $319,414 $268 4.41% 4/2/21

2445 E Copper Ave
5
Clovis, CA 93619

AVERAGES $340,652 $307 4.54%

Birch Commons 2006 49 68,910 - - - - -

1850 E Birch Ave
S Fresno, CA 93720

38
S Birch Commons

1 Ascent Townhomes

2 Tuscana Townhomes

3
3 Union North
2
4 Parador Townhomes

5 Tempranillo Apartments

1
S 4

39
Comparable Rental Properties

1 2 3 4 S

Averages
THE RESIDENCES PARADOR VILLA FARIA COTSWOLDS BIRCH COMMONS
AT THE ROW APARTMENT
HOMES

2740 East 310 North 7525 North 1242 East 1850 East
ADDRESS
Shepherd Ave Amedeo Ln Willow Ave Champlain Dr Birch Ave

CITY Fresno Clovis Fresno Fresno Fresno

BUILT 2020 2020 2015 2006 2015 2006

UNITS 255 168 65 188 169 49
OCC. 97% 98% 96% 97% 97% 100%

Actuals Asking
AVG RENT $2,090 $1,845 $1,852 $1,929 $1,624 $1,870
1 / 1.0 AVG SF
RENT / SF
884
$2.36
815
$2.26
989
$1.87
896
$2.17
939
$1.73
939
$1.99
AVG RENT $2,445 $2,322 $2,150 $2,028 $2,236 $1,880 $2,099
2 / 2.0 AVG SF
RENT / SF
1,272
$1.92
1,168
$1.99
1,180
$1.82
1,211
$1.67
1,208
$1.85
1,385
$1.36
1,385
$1.52
AVG RENT $2,888 $2,816 $2,467 $2,371 $2,635 $2,002 $2,215

3 / 2.0 AVG SF
RENT / SF
1,576
$1.83
1,557
$1.81
1,564
$1.58
1,202
$1.97
1,475
$1.80
1,696
$1.18
1,696
$1.31

40
S Birch Commons

1 The Residences at the Row

2 Parador

3 Villa Faria Apartment Homes

4
4 Cotswolds

41
Comparable Rental Properties
$2,250
1 Bedroom 1 Bath Rent Survey
$2,090
$1,852
$1,845
$2,000 $1,870

$1,750 $1,624

$1,500

$1,250

$1,000

$750

$500

$250

$0

Rent Comps Average: $1,929

1 Bedroom 1 Bath Rent Per Square Foot Analysis

$2.50 $2.36
$2.26

$1.99
$2.00 $1.87
$1.73

$1.50

$1.00

$0.50

$0.00

Rent Comps Average: $2.17

42
$2,750
2 Bedroom 2 Bath Rent Survey
$2,445
$2,500
$2,322 $2,028
$2,150
$2,250 $2,099
$2,000 $1,880

$1,750

$1,500

$1,250

$1,000

$750

$500

$250

$0

Rent Comps Average: $2,236

2 Bedroom 2 Bath Rent Per Square Foot Analysis

$2.50

$1.99
$2.00 $1.92 $1.82
$1.67
$1.52
$1.50 $1.36

$1.00

$0.50

$0.00

Rent Comps Average: $1.85

43
Comparable Rental Properties
$3,250
3 Bedroom 2 Bath Rent Survey
$3,000 $2,888
$2,816
$2,467
$2,750
$2,500 $2,371
$2,215
$2,250
$2,002
$2,000
$1,750
$1,500
$1,250
$1,000
$750
$500
$250
$0

Rent Comps Average: $2,635

3 Bedroom 2 Bath Rent Per Square Foot Analysis

$2.50

$1.97
$2.00 $1.81
$1.83

$1.58
$1.50
$1.31
$1.18

$1.00

$0.50

$0.00

Rent Comps Average: $1.80

Market Profile
1850 E Birch Ave H OU SEH O L D S I Z E 1-3 mi 3-5 mi

Fresno, CA 93720 2010 Avg Household Size

2022 Avg Household Size
2.60
2.56
2.78
2.78

H OU SI NG U N I TS 1-3 mi 3-5 mi
2022 Owner Occupied Units 47.6% 54.8%
2022 Renter Occupied Units 47.8% 39.7%
POPU L ATI O N
1-3 mi 3-5 mi ED U C A T I O N 1-3 mi 3-5 mi

120,331 149,288
2022 Population Age 25+ 79,188 100,807
Bachelor’s 26.0% 20.8%
Graduate / Professional 14.3% 11.6%

OC C U P A TI O N S 1-3 mi 3-5 mi
HOU S EHOL D I NCO ME
2021 Population Employed 57,892 66,571
1-3 mi 3-5 mi White Collar 69.0% 60.9%

$102,956 $102,084 Services

Blue Collar
16.8%
14.3%
17.8%
21.3%

RA C E & E TH N I C I TY 1-3 mi 3-5 mi

M ED I AN A G E White 50.8% 47.7%
Black or African American 5.2% 4.1%
1-3 mi 3-5 mi
American Indian 1.6% 1.9%
34.2 36.6 Asian 12.2% 11.9%
Pacific Islander 0.3% 0.2%
Other Race 14.4% 18.7%
Two or More Races 15.7% 15.5%
Hispanic 34.4% 39.9%
46
 7 MIN
TO

FRESNO
STATE 47
CONFIDENTIALITY
All materials and information received or derived from The Mogharebi Group its directors, officers agents, advisors, affiliates
and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy,
condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or
suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or
any and all other matters.
DISCLAIMER

Neither The Mogharebi Group its directors, officers, agents, advisors, or affiliates makes any representation or warranty,
express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials
and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s
active conduct of its own due diligence to determine these and other matters of significance to such party. The Mogharebi
Group will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct
&

their own inspections and investigations including through appropriate third party independent professionals selected by such
party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports
and consulting appropriate independent professionals. The Mogharebi Group makes no warranties and/or representations
regarding the veracity, completeness, or relevance of any financial data or assumptions. The Mogharebi Group does not
serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial
performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates
of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established
at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market
conditions,vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a
certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney.
Questions regarding the condition of the property and whether the property complies with applicable governmental
requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and
governmental agencies. All properties and services are marketed by The Mogharebi Group in compliance with all applicable fair
housing and equal opportunity laws.

48
 49
Template made by Haley Tanaka for 2021
 ROBIN KANE
Senior Vice President
559.761.0020
Robin.Kane@Mogharebi.com
CA License #00583537

BRENDAN KANE
Vice President
559.892.0036
Brendan.Kane@Mogharebi.com
CA License #01976828

GORDON LARKIN
Senior Investment Advisor
559.761.0015
Gordon.Larkin@Mogharebi.com
CA License #00305847

The
Mogharebi
Group

WWW.MOGHAREBI.COM
a Mogharebi - Ozen Company