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$ 4,300,000
Est. payment | /mo
9,688 SqFt
$ 4,300,000
Est. payment | /mo
9,688 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 9,688 sqft
Price per Sqft $443
MLS Listing ID ML82015110
HOA Y/N No
Year Built 1961
Lot Size 9,914 Sqft
Acres 0.23
Property Sub-Type Other
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
Zoning Mult
Interior
Heating Forced Air, Wall Furnace
Cooling Ceiling Fan(s)
Flooring Laminate
Fireplace No
Appliance Dishwasher, Refrigerator
Laundry Coin Operated
Building
New Construction No
Others
Tax ID 045023160
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Listed by Nate Gustavson • Compass