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$ 4,300,000
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Open Wed 11AM-1PM
2186 Carlmont DR Belmont, CA 94002
9,914 Sqft Lot
OPEN HOUSE
Wed Jul 23, 11:00am - 1:00pm
Wed Jul 30, 11:00am - 1:00pm
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Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82015110
HOA Y/N No
Year Built 1961
Annual Tax Amount $47,150
Lot Size 9,914 Sqft
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 699 - Not Defined
Zoning Multifamily Residential
Interior
Heating Wall Furnace
Fireplace No
Exterior
Carport Spaces 11
Roof Type Fiberglass,Shingle
Building
Water Public
Schools
Elementary Schools Other
Middle Schools Other
High Schools Carlmont
School District Other
Others
Tax ID 045023160
Special Listing Condition Standard
Listed by Nate Gustavson Compass
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