Fourplex with Vacant
For Sale
$1,680,000
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 Market51
Property Features for 1120 Elmer St
General Information
Standard status
Active
Size
2,516 SF
Property subtype
Investment
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$24,693
Building Details
Building Size
2,516 SF
Year Built
1953
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
COMPASS
(650) 274-5227
Listed By:
Bryan Danforth · License #01789680
(650) 274-5227
Source:
Elliman
Added: Jun 23
Changed: Aug 8
Last Checked: Aug 12 at 9:18AM
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
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 = 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
$73,114
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
4.35%
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%
$1,462,280
$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
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
$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 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%
$1,462,280
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 4.35%
Second Best
Apartment 5plus
$978.3K
$856.0K – $1.14M
NOI $68,478 @ 7.0% cap · market cap 4.08%
Theoretical Best
Warehouse
$2.00M
$1.75M – $2.33M
NOI $139,894 @ 7.0% cap · market cap 8.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,896
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?
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 $1,680,000.
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)
