Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Belmont Multifamily Property for Sale Title is generated by Realmo AI

    2311 Carlmont Dr, Belmont, CA 94002

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Two-story, 19-unit apartment building in excellent Belmont location.

    Type:Multifamily
    Property size:
    23,629 SF
    Price / SF:
    $359/SF
    Added:
    Feb 20, 2026
    Days on Market:
    80
    Last Refresh:
    Mar 17 at 1:16 pm

    Property Features for 2311 Carlmont Dr

    General Information

    Standard status
    Active
    Size
    23,629 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1961

    We can help!

    Listing Contact
    Andrew Peceimer

    Listing agent Andrew Peceimer License #00993289

    Listing office Coldwell Banker Commercial Westbay Real Estate Group

    Listing date Feb 20, 2026

    Source Crexi

    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

    HighLights

    • Excellent Belmont Location
    • Excellent Unit Mix: Diverse unit sizes including 2 and 3 bedroom options
    • Below Market Rents offering potential for increased revenue
    • Tuck under covered parking with 22 total spaces
    • Swimming Pool amenity
    • Well‑Maintained property with many upgrades completed by the owner

    Overview

    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.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Catania Regency Apartments Apartment Building Long Music Academy Tutoring Service

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Belmont
    County
    San Mateo
    State
    California
    Longitude
    -122.298582
    Latitude
    37.509444

    Nearby Similar for Sale

    • $2,995,950
      2,916 SF

      Seven-Unit Apartment Building in Belmont

      Seven-unit apartment building near Belmont's business district.
      1220 Sixth Avenue, BELMONT, CA 94002
      View Details
    • $10,150,000
      24,785 SF

      23-Unit Apartment Building in Belmont

      High-end apartment building with 23 units in Carlmont Village.
      2200 Village Court, BELMONT, CA 94002
      View Details
    • Contact for pricing
      158,596 SF

      Belmont Mission Critical R&D Facility

      Three-story, Class A, 158,596 SF research and development facility.
      500-600 Clipper Dr, Belmont, CA
      View Details
    • $648,000

      Gated Belmont Oasis with Cabana

      Renovated Belmont home with park-like grounds and entertaining space.
      2207 Semeria Avenue, Belmont, CA 94002
      View Details

    FAQs

    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
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Andrew Peceimer
    Real Estate License ID: 00993289
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2311 Carlmont Dr, Belmont, CA 94002
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!