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1120 Elmer St 4 Unit Apartment Building $1,680,000 ($420,000/Unit) 3.68% Cap Rate Belmont, CA 94002
Executive Summary
Incredible opportunity to acquire a rarely available Fourplex in downtown Belmont that offers significant add-value for a new owner, with one unit already vacant and another coming vacant soon - renovate and achieve top market rents immediately! Ideal for owner-occupiers, value-add multifamily investors, small syndicators, 1031 exchange buyers, life-science workforce housing, and family offices.
Rare Belmont Fourplex off Ralston Avenue in Downtown Belmont
(4) One-Bedroom / One-Bath Units
Significant Add-Value Opportunity
Unit # 1 Currently Vacant - Freshly Painted Walls, New Flooring, and Light Fixtures ($7k improvements)
Another Unit Coming Vacant Soon
Renovate Units and Achieve Top Market Rents
New Electrical System Upgrade
New Sewer Lateral Piping Installed - $22K Improvement
Individual Water Heaters
Convert Carport Parking into ADU!
Surrounded by Major Life Science & Biotech Development Projects
Projects Estimated to Deliver 13,000 Employees – High Paying Research, Tech, & Life Science Jobs
5-minute Walk to Belmont Caltrain Station and Belmont Village Shopping Center
Close Proximity to Highly Ranked Schools Including Carlmont High School (10/10 Rating)
Rare Belmont Fourplex off Ralston Avenue in Downtown Belmont
(4) One-Bedroom / One-Bath Units
Significant Add-Value Opportunity
Unit # 1 Currently Vacant - Freshly Painted Walls, New Flooring, and Light Fixtures ($7k improvements)
Another Unit Coming Vacant Soon
Renovate Units and Achieve Top Market Rents
New Electrical System Upgrade
New Sewer Lateral Piping Installed - $22K Improvement
Individual Water Heaters
Convert Carport Parking into ADU!
Surrounded by Major Life Science & Biotech Development Projects
Projects Estimated to Deliver 13,000 Employees – High Paying Research, Tech, & Life Science Jobs
5-minute Walk to Belmont Caltrain Station and Belmont Village Shopping Center
Close Proximity to Highly Ranked Schools Including Carlmont High School (10/10 Rating)
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$100,872
|
$25.34
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$3,026
|
$0.76
|
| Effective Gross Income |
$97,846
|
$24.58
|
| Taxes |
$27,543
|
$6.92
|
| Operating Expenses |
$8,440
|
$2.12
|
| Total Expenses |
$35,983
|
$9.04
|
| Net Operating Income |
$61,863
|
$15.54
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $100,872 |
| Annual Per SF | $25.34 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $3,026 |
| Annual Per SF | $0.76 |
| Effective Gross Income | |
|---|---|
| Annual | $97,846 |
| Annual Per SF | $24.58 |
| Taxes | |
|---|---|
| Annual | $27,543 |
| Annual Per SF | $6.92 |
| Operating Expenses | |
|---|---|
| Annual | $8,440 |
| Annual Per SF | $2.12 |
| Total Expenses | |
|---|---|
| Annual | $35,983 |
| Annual Per SF | $9.04 |
| Net Operating Income | |
|---|---|
| Annual | $61,863 |
| Annual Per SF | $15.54 |
Property Facts
| Price | $1,680,000 | Apartment Style | Low-Rise |
| Price Per Unit | $420,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 3.68% | Building Size | 2,516 SF |
| Gross Rent Multiplier | 16.65 | No. Stories | 2 |
| No. Units | 4 | Year Built | 1953 |
| Property Type | Multifamily | Parking Ratio | 1.99/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | C40000 | ||
| Price | $1,680,000 |
| Price Per Unit | $420,000 |
| Sale Type | Investment |
| Cap Rate | 3.68% |
| Gross Rent Multiplier | 16.65 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 2,516 SF |
| No. Stories | 2 |
| Year Built | 1953 |
| Parking Ratio | 1.99/1,000 SF |
| Zoning | C40000 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $2,200 | 614 |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 040-332-080 | Total Assessment | $1,458,600 |
| Land Assessment | $836,400 | Annual Taxes | $27,543 ($10.95/SF) |
| Improvements Assessment | $622,200 | Tax Year | 2025 |
Property Taxes
Parcel Number
040-332-080
Land Assessment
$836,400
Improvements Assessment
$622,200
Total Assessment
$1,458,600
Annual Taxes
$27,543 ($10.95/SF)
Tax Year
2025
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1120 Elmer St
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