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)… Read More 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. Read Less
Courtesy of Compass, Nate Gustavson 415-786-9410
Listing Snapshot
Days Online
80
Last Updated
Property Type
Five Or More Units
Square Ft.
9,688
Lot Size
0.23 Acres
Year Built
1961
MLS Number
ML82015110
30 Days Snapshot Of 94002
$2.28M
+2%
(avg) sold price
9
-30%
homes sold
21
-25%
(avg) days on market
Snapshot
Area Map
Additional Details
Lot
Max Area: 9914.00, Max Area Units: Square Feet, Lot is 0.22759412304867 acres
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