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Property profile & analytics
OFF-MARKET
Estimated value
$1,350,000
Apartment buildings
2172 Carlmont Dr, Belmont, CA 94002-3429
Trust Owned
8-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US10-3226229
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1959
Total area
5,425 SF
Lot
0.15 ac (6,334 SF)
Zoning code
R40000
APN
045-023-200
UPID
US10-3226229
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.35M
Owner & transaction history
Engelman Family Trust · 8 yrs held
Engelman Family Trust
since 2018
7 recorded transactions
Zoning & alternative use
R40000 · Belmont, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Warehouse, storage
$2.1M
+10.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Belmont submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Belmont submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,875,000
Current use
WAREHOUSE, STORAGE
$2,075,000
Change: +11% · Conversion: Difficult
Blend value · Realmo final
$1.35M
Range $1.22M – $1.49M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$249 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$29,233
Tax year 2024
Assessed value
$1,889,778
Assessed 2024
Previous assessed
$1,889,778
+0.0% YoY
Effective rate
1.55%
On assessed value
Assessed land
$685,898
Assessed improvement
$1,203,880
Applied tax rate
3.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1959
Heating
NONE
Stories
2
Units
5
Rooms
17
Bathrooms
5
Total area
5,425 SF
Lot
0.15 ac (6,334 SF)
Zoning code
R40000
APN
045-023-200
UPID
US10-3226229
Jurisdiction
SAN MATEO
Metro division
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA METROPOLITAN DIVISION
Zoning & alternative use
R40000 · Belmont, CA
Zoning R40000 · permitted uses
R40000 · Belmont, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Belmont. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$1.9M
WAREHOUSE, STORAGE
Est. value
$2.1M
APARTMENT HOUSE (5+ UNITS) Current
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1959
Heating
NONE
Stories
2
Units
5
Rooms
17
Bathrooms
5
Lot
0.15 ac
Current owner
From public records · entity-resolved
Engelman Family Trust
Trust
Mailing address
1107 S B ST, SAN MATEO, CA 94401-4314
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
17 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 17, 2022
—
Terry A Michaud
—
Deed
related
$555,000 · First Republic Bank
May 15, 2018
—
Engelman Family Trust
Engelman,lionel & Evelyn
Quit Claim Deed
related
—
Nov 7, 2017
$720,000
Michaud Family Trust
Riffle,sean
Grant Deed
$855,000 · Caliber Hm Loans
Feb 6, 2015
—
Michaud Family Trust
Michaud Terry & Lucia K
Quit Claim Deed
related
—
Aug 1, 2012
—
Terry Michaud
Michaud,terry & Lucia K
Quit Claim Deed
related
—
Aug 1, 2012
$453,500
Sean Riffle
Ellison,david & Ann
Grant Deed
—
Feb 25, 2009
—
Terry Michaud
Michaud,terry & Lucia K
Quit Claim Deed
related
—
Jan 25, 2007
$1,100,000
Terry A Michaud
Gary J Marcaletti
Grant Deed
$200,000 · Borel Private Bank & Trust Co
Dec 8, 2003
—
Gary J Maracaletti
Stasiak-marcaletti,julia
Quit Claim Deed
related
$630,000 · California Savings Bank
Dec 21, 2001
—
Gary J Marcaletti
Marcaletti,carole F
Quit Claim Deed
related
—
Oct 31, 2001
—
Gary J Marcaletti
Marcaletti,carole E
Quit Claim Deed
related
—
Sep 17, 1996
—
Marcaletti Trust
Marcaletti,gary J & Carole E
Quit Claim Deed
related
—
Nov 3, 1989
$225,000
Marcaletti Gary
Michaud,t.
Grant Deed
—
—
—
Sean Riffle
—
Deed Of Trust
related
$690,000 · First Republic Bank
—
—
Gary J Marcaletti
—
Deed Of Trust
related
$181,000 · Heritage Realty Dbpp
—
—
Gary J Marcaletti
—
Deed Of Trust
related
$165,000 · Terry A & Lucia K Michaud
—
—
Gary J Marcaletti
—
Deed Of Trust
related
$352,500 · Home Savings Of America
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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