Fourplex with Vacant
For Sale
$1,595,000
Pending
1120 Elmer ST, Belmont, CA 94002
Four one-bedroom, one-bath units with electrical and sewer upgrades, including one currently vacant unit.
Property Size2,516 SF
Days on Market126
Property Features for 1120 Elmer ST
General Information
Standard status
Pending
Size
2,516 SF
Property subtype
Fourplex
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$23,737
Building Details
Building Size
2,516 SF
Year Built
1953
Tenancy
Multi
Listing Agency:
Compass
Listed By:
Matthew Thomson · License #01471708
(650) 515-6555
Source:
Johnpaye
Added: Jun 18
Changed: Oct 21
Last Checked: Oct 21 at 4:04AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Compass
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Investment Insights
Based on property information with market context.
This is a fourplex consisting of (4) one-bedroom, one-bath units. The property has had a newly upgraded electrical system and new sewer lateral piping installed, and each unit has an individual water heater. One unit is currently vacant, and another is expected to become vacant soon, creating immediate scope for interior upgrades.
Located in downtown Belmont, the property is within walking distance of the Belmont Caltrain Station and Belmont Village Shopping Center. The reported Walk Score is 88 (Very Walkable), with a Bike Score of 41 (Somewhat Bikeable) and a Transit Score of 37 (Some Transit). The remarks also note close proximity to Carlmont High School (10/10 Rating).
Located in downtown Belmont, the property is within walking distance of the Belmont Caltrain Station and Belmont Village Shopping Center. The reported Walk Score is 88 (Very Walkable), with a Bike Score of 41 (Somewhat Bikeable) and a Transit Score of 37 (Some Transit). The remarks also note close proximity to Carlmont High School (10/10 Rating).
Key Highlights
- 1953‑built fourplex with four 1‑bedroom, 1‑bath units
- One unit is currently vacant; another is coming vacant soon
- Newly upgraded electrical system and new sewer lateral piping installed ($22k)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$73,114
Cap Rate
4.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,462,280
$1.5M
Cap Rate 7%
$1,044,486
$1.0M
Cap Rate 9%
$812,378
$812.4K
Market Conditions
NOI Build-Up for 2,516 SF
Gross rent
$111.7K $44.40/SF
− Vacancy
−$7.3K −$2.89/SF
EGI
$104.4K $41.51/SF
− OpEx
−$31.3K −$12.45/SF
NOI
$73.1K $29.06/SF
Area
San Mateo County, CA
Vacancy
6.50%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,462,280
Cap Rate 7%
$1,044,486
Cap Rate 9%
$812,378
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$913.9K – $1.22M
NOI $73,114 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$978.3K
$856.0K – $1.14M
NOI $68,478 @ 7.0% cap · market cap 4.29%
Theoretical Best
Warehouse
$2.00M
$1.75M – $2.33M
NOI $139,894 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,896
Businesses Nearby
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Business Placement
Demographics for 94002, CA
28,513
Population
11,307
Households
2.5
Avg Household Size
40
Median Age
69%
College-Educated
96%
High-School Grad
5.6 sq mi
ZIP Area
5,092
Density / Sq Mi
$204,573
Median Household Income
$120,322
Median Earnings
$2,889
Median Rent
$2,000,001
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Four one-bedroom, one-bath units with electrical and sewer upgrades, including one currently vacant unit.
Where is this quadplex located?
The property is located at 1120 Elmer ST Belmont, CA.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: 1953‑built fourplex with four 1‑bedroom, 1‑bath units; One unit is currently vacant; another is coming vacant soon; Newly upgraded electrical system and new sewer lateral piping installed ($22k)
