Seven-Unit Apartment
For Sale
$2,798,950
1220 Sixth Avenue, Belmont, CA 94002
Seven-unit residential building with a mix of studio, one- and two-bedroom layouts and on-site parking.
Property Size2,916 SF
Price / SF$959.86
Days on Market150
Property Features for 1220 Sixth Avenue
General Information
Standard status
Active
Size
2,916 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
7
Building Details
Year Built
1949
Listing Agency:
Golden Gate Sotheby's International Realty
(650) 996-3711
Listed By:
Gabriel De Armero · License #01243346
(650) 996-3711
Source:
Exitrealty
Added: Mar 16
Changed: Aug 8
Last Checked: Aug 12 at 4:56AM
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 seven-unit apartment building offers a mix of studio, one-bedroom, and two-bedroom units. The property includes ground-floor apartments and a two-car carport, along with open parking for the remaining units. The building has an approved plan for a 50-foot high unit apartment.
Located in the heart of Belmont’s Business District, the property is within walking distance of Safeway and City Hall, as well as the Police and Fire Department. Nearby amenities include Twin Pines Senior and Community Center, walking trails, and retail and dining options.
For investors and operators, the current unit mix supports a variety of tenant needs across studio through two-bedroom configurations. The ground-floor layout combined with on-site parking can be practical for everyday access, while the approved higher-unit plan provides a documented path for future expansion subject to permitting and project execution.
Located in the heart of Belmont’s Business District, the property is within walking distance of Safeway and City Hall, as well as the Police and Fire Department. Nearby amenities include Twin Pines Senior and Community Center, walking trails, and retail and dining options.
For investors and operators, the current unit mix supports a variety of tenant needs across studio through two-bedroom configurations. The ground-floor layout combined with on-site parking can be practical for everyday access, while the approved higher-unit plan provides a documented path for future expansion subject to permitting and project execution.
Key Highlights
- Seven‑unit apartment building built in 1949
- Unit mix includes studios, one‑bedroom, and two‑bedroom apartments
- Approved for a 50‑foot high unit apartment
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
Lease Details
7
Residential units
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 residential building with a mix of studio, one- and two-bedroom layouts and on-site parking.
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 built in 1949; Unit mix includes studios, one‑bedroom, and two‑bedroom apartments; Approved for a 50‑foot high unit apartment
