Seven-Unit Apartment Building in
For Sale
$2,798,950
1220 Sixth Avenue, Belmont, CA 94002
Seven-unit apartment building near Belmont's business district.
Property Size2,916 SF
Price / SF$959.86
Days on Market188
Property Features for 1220 Sixth Avenue
General Information
Standard status
Active
Size
2,916 SF
Property subtype
Commercial
Amenities
Carpet Flooring
Carport(s)
Central Forced Air Heating
Composition Roof
Varies by Unit
Vinyl / Linoleum Flooring
Wall Furnace Heating
Building Details
Year Built
1949
Listing Agency:
GOLDEN GATE SOTHEBY'S INTERNATIONAL REALTY
(650) 597-1800
Listed By:
GABRIEL DE ARMERO · License #01243346
Source:
Corcoran
Added: Feb 5
Changed: Aug 8
Last Checked: Aug 8 at 1:42PM
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 GOLDEN GATE SOTHEBY'S INTERNATIONAL REALTY
Investment Insights
Based on property information with market context.
This is a seven-unit apartment building featuring a mix of two-bedroom, one-bedroom, and studio apartments. A two-car carport is available, along with open parking space for the other units. The property is situated in the heart of Belmont's Business District, near Safeway, City Hall, the Police and Fire Departments, Twin Pines Senior and Community Center, walking trails, shops, and restaurants. The building has ground-floor units and ample parking.
Key Highlights
- Seven‑unit apartment building offering diverse unit types
- Prime location in the heart of Belmont's Business District
- Walking distance to essential amenities
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$79,365
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.84%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,587,300
$1.6M
Cap Rate 7%
$1,133,786
$1.1M
Cap Rate 9%
$881,833
$881.8K
Market Conditions
NOI Build-Up for 2,916 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$152.2K $52.20/SF
− Vacancy
−$7.9K −$2.71/SF
EGI
$144.3K $49.49/SF
− OpEx
−$64.9K −$22.27/SF
NOI
$79.4K $27.22/SF
Area
San Mateo County, CA
Vacancy
5.20%
Lease Rate
$52.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,587,300
Cap Rate 7%
$1,133,786
Cap Rate 9%
$881,833
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$992.1K – $1.32M
NOI $79,365 @ 7.0% cap · market cap 2.84%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.32M
$2.03M – $2.70M
NOI $162,135 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,926
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Seven-unit apartment building near Belmont's business district.
Where is this apartment building located?
The property is located at 1220 Sixth Avenue Belmont, CA.
What is the asking price?
The asking price for this property is $2,798,950.
What are key features of this property?
This property features: Seven‑unit apartment building offering diverse unit types; Prime location in the heart of Belmont's Business District; Walking distance to essential amenities
