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Ben Dodge

bendodge@kw.com +1(408) 829-1074

Listed by Nate Gustavson • Compass

$ 4,300,000

Est. payment | -/mo

3 Beds

2 Baths

9,688 SqFt

Save

$ 4,300,000

Est. payment | -/mo

Save

3 Beds

2 Baths

9,688 SqFt

OPEN HOUSE

Wed Jul 23, 11:00am - 1:00pm

Wed Jul 30, 11:00am - 1:00pm

Key Details

Property Type Commercial

Sub Type Five or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 9,688 sqft

Price per Sqft $443

MLS Listing ID ML82015110

Bedrooms 3

Full Baths 2

Year Built 1961

Lot Size 9,914 Sqft

Property Sub-Type Five or More Units

Property Description

2186 Carlmont Drive or The Palma Apartments are an impeccably-maintained and managed 10-unit multifamily property located in the exclusive Belmont Hills neighborhood of Belmont, California. Listed at $4,300,000, this multifamily investment property offers a unit mix of eight (8) 1-bedroom/1-bath units (675 sqft) and two (2) 2-bedroom/1-bath units (901 sqft) totaling 9,688 square feet of gross building area on a 10,000 square foot lot. The property features large patios/balconies, 11 tenant parking spaces, 11 individual storage closets, and circuit breakers throughout. Key upgrades include a 35-year laminated fiberglass shingle roof (2013), a 100-gallon water heater (replaced in 2022), and SB 721 inspections have been completed. All units are individually metered for gas and electricity, with wall heaters in the 1-bedroom units and forced air in 2-bedroom units. Currently generating nearly $285,000 in annual income with an in-place 15.15 GRM, this asset presents strong current cash flow with rental upside. Ideally located near Carlmont Village Shopping Center and top-rated schools, this is an excellent opportunity for investors seeking solid in-place income and long-term value in one of the Peninsulas strongest rental markets.

Location

State CA

County San Mateo

Area Belmont Woods Etc.

Zoning Multifamily Residential

Rooms

Kitchen Countertop - Granite, Dishwasher, Oven Range - Electric, Refrigerator, Varies by Unit

Interior

Heating Central Forced Air - Gas, Wall Furnace

Cooling Ceiling Fan

Flooring Laminate

Laundry Coin Operated

Exterior

Parking Features Assigned Spaces, Covered Parking

Utilities Available Individual Electric Meters, Individual Gas Meters

Roof Type Fiberglass,Shingle

Building

Foundation Concrete Perimeter, Concrete Slab

Sewer Sewer - Public, Sewer Connected

Water Public

Others

Restrictions None

Tax ID 045-023-160

Security Features None

Special Listing Condition Not Applicable

GET MORE INFORMATION

Ben Dodge

REALTOR® | Lic# DRE 01959374

bendodge@kw.com

+1(408) 829-1074

16780-A Lark Ave. Los Gatos, CA, 95032

2186 Carlmont DR Belmont, CA 94002

Ben Dodge

OPEN HOUSE

Key Details

Location

Rooms

Interior

Exterior

Building

Others

2186 Carlmont DR