REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Listed by Nate Gustavson • Compass
$4,300,000
Est. payment /mo
9,688 SqFt
OPEN HOUSE
Wed Jul 23, 11:00am - 1:00pm
Wed Jul 30, 11:00am - 1:00pm
UPDATED:
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
Property Sub-Type Other
Source Datashare MLSListings
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
Interior
Heating Forced Air, Wall Furnace
Cooling Ceiling Fan(s)
Flooring Laminate
Fireplace No
Appliance Dishwasher, Refrigerator
Laundry Coin Operated
Read Less Info
© 2025 BEAR, CCAR, bridgeMLS. This information is deemed reliable but not verified or guaranteed. This information is being provided by the Bay East MLS or Contra Costa MLS or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website.
GET MORE INFORMATION
Deeana Owens
Broker | Owner | CA BRE#CA: 02015510, GA: 295613
Broker | Owner CA BRE#CA: 02015510, GA: 295613