Belmont Multifamily Property for
For Sale
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2311 Carlmont Dr, Belmont, CA 94002
Two-story, 19-unit apartment building in excellent Belmont location.
Property Size23,629 SF
Price / SF$359.73
Days on Market173
Property Features for 2311 Carlmont Dr
General Information
Standard status
Active
Size
23,629 SF
Property subtype
Multifamily
Building Details
Year Built
1961
Stories
2
Units
19
Listing Agency:
Coldwell Banker Commercial Westbay Real Estate Group
Listed By:
Andrew Peceimer · License #00993289
Source:
Crexi
Added: Feb 20
Changed: Aug 8
Last Checked: Aug 11 at 4:02PM
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 Coldwell Banker Commercial Westbay Real Estate Group
Investment Insights
Based on property information with market context.
This two-story apartment building, situated in Belmont, encompasses approximately 23,629 square feet and includes tuck-under covered parking. The property features a unit mix of nineteen total units, consisting of eight 2-bedroom/2-bathroom units, five 2-bedroom/1-bathroom units, four 1-bedroom/1-bathroom units, and two 3-bedroom/2-bathroom units. Parking is provided by 22 spaces, including 10 single carports with storage, 9 double carports with storage, and 3 spots at the front of the building. On-site amenities include a coin-operated laundry facility and a swimming pool. The property is located within a 5-minute drive to Safeway, Carlmont Village Shopping Center, and Carlmont High School. The building has a pitched roof and has been well-maintained, with the owner having completed many property upgrades. There are currently three vacancies.
Key Highlights
- Excellent Belmont Location
- Excellent Unit Mix: Diverse unit sizes including 2 and 3 bedroom options
- Below Market Rents offering potential for increased revenue
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
$643,112
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
7.57%
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%
$12,862,240
$12.9M
Cap Rate 7%
$9,187,314
$9.2M
Cap Rate 9%
$7,145,689
$7.1M
Market Conditions
NOI Build-Up for 23,629 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
$1.23M $52.20/SF
− Vacancy
−$64.1K −$2.71/SF
EGI
$1.17M $49.49/SF
− OpEx
−$526.2K −$22.27/SF
NOI
$643.1K $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%
$12,862,240
Cap Rate 7%
$9,187,314
Cap Rate 9%
$7,145,689
Alternative Uses
Best Use
Apartment 5plus
$9.19M
$8.04M – $10.72M
NOI $643,112 @ 7.0% cap · market cap 7.57%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$18.77M
$16.42M – $21.90M
NOI $1,313,816 @ 7.0% cap · market cap 15.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
533
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 - Two-story, 19-unit apartment building in excellent Belmont location.
Where is this apartment building located?
The property is located at 2311 Carlmont Dr Belmont, CA.
What is the asking price?
The asking price for this property is $8,500,000.
What are key features of this property?
This property features: Excellent Belmont Location; Excellent Unit Mix: Diverse unit sizes including 2 and 3 bedroom options; Below Market Rents offering potential for increased revenue
