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5%+ Market CAP Rate-HUGE Upside w/ VIEWS! 2200 Village Ct 23 Unit Apartment Building $10,150,000 ($441,304/Unit) 4.11% Cap Rate Belmont, CA 94002
INVESTMENT HIGHLIGHTS
- Rarely Available, Generational 23 High-Quality Units w/ Spacious Floorplans & Panoramic View w/ Excellent Rental Upside
- SPACIOUS UNITS w/ Excellent Floorplans: (14) LARGE 1 BR/1 BA Units (+/- 644 to 736 SF) and (9) SPACIOUS 2 BR/1 BA Units (+/- 875 to 883 SF)
- Achieve 4.11% CAP / 15 GRM on In-Place Rents; Achieve 5.97% CAP / 11.3 GRM w/ 5 ADU's
- Easy-to-Manage, Strong Cashflow, Turnkey Opportunity w/ High Tenant Satisfaction and Low Tenant Turnover
- Potential to Convert 13 Carports w/ 9' Ceilings to Add 5 ADU at +/- 550 SF Each. Top to Bottom Elevator Access
EXECUTIVE SUMMARY
One of the VERY BEST Apartment Properties in the Peninsula. Easy to Rent and Manage. Walk to Carlmont Village. Rarely Available 23-Unit Asset in Highly Desirable Area. Iconic, One-of-a-Kind Generational Property w/ Panoramic Views. Coupon-Clipper, Easy to Manage w/ Excellent Tenants and Stable Cashflow. Excellent Public Schools (K to 12) Offer Rental Pricing Advantage. Walk to Carlmont High School. (14) LARGE 1 BR/1 BA Units (+/- 644 to 736 SF) and (9) SPACIOUS 2 BR/1 BA Units (+/- 875 to 883 SF). All 23 Units Feature Dishwashers, w/ Potential to Add In-Unit Washer/Dryers. 41 Covered Carport Parking Spaces, Storage for Tenants and Top-to-Bottom Elevator Access. Convert +/- 2,565 SF of Enclosed Carport (14 Carports w/ 9' Ceilings) to (5) 1 BR/1 BA or Studio ADU's. 5 ADU's: Achieve $11,250/Month (or $135,000/Yr) in Additional Gross Rental Income. Over $500,000 Cap. Ex. Invested: Dual-Pane Windows, Roof, Copper Plumbing, 800 AMP Square D Panel. Walk Score: 80, With Walkability to Carlmont Village. Quick Access to Freeways 280 and 101. In-Place CAP Rate: 4.11% / Pro-Forma CAP Rate: 5.0%. In-Place GRM: 15 / Pro-Forma GRM: 13.3. CAP Rate (w/ 5 ADU's): 5.97% / GRM (w/ 5 ADU's): 11. Cost/SF: $410/SF
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$684,895
|
$27.63
|
| Other Income |
$9,780
|
$0.39
|
| Vacancy Loss |
$20,547
|
$0.83
|
| Effective Gross Income |
$674,128
|
$27.20
|
| Taxes |
$148,173
|
$5.98
|
| Operating Expenses |
$6,692
|
$0.27
|
| Total Expenses |
$154,865
|
$6.25
|
| Net Operating Income |
$519,263
|
$20.95
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $684,895 |
| Annual Per SF | $27.63 |
| Other Income | |
|---|---|
| Annual | $9,780 |
| Annual Per SF | $0.39 |
| Vacancy Loss | |
|---|---|
| Annual | $20,547 |
| Annual Per SF | $0.83 |
| Effective Gross Income | |
|---|---|
| Annual | $674,128 |
| Annual Per SF | $27.20 |
| Taxes | |
|---|---|
| Annual | $148,173 |
| Annual Per SF | $5.98 |
| Operating Expenses | |
|---|---|
| Annual | $6,692 |
| Annual Per SF | $0.27 |
| Total Expenses | |
|---|---|
| Annual | $154,865 |
| Annual Per SF | $6.25 |
| Net Operating Income | |
|---|---|
| Annual | $519,263 |
| Annual Per SF | $20.95 |
PROPERTY FACTS
| Price | $10,150,000 | Apartment Style | Low-Rise |
| Price Per Unit | $441,304 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.52 AC |
| Cap Rate | 4.11% | Building Size | 24,785 SF |
| Gross Rent Multiplier | 15 | No. Stories | 3 |
| No. Units | 23 | Year Built | 1965 |
| Property Type | Multifamily | Parking Ratio | 1.08/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R40000 | ||
| Price | $10,150,000 |
| Price Per Unit | $441,304 |
| Sale Type | Investment |
| Cap Rate | 4.11% |
| Gross Rent Multiplier | 15 |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.52 AC |
| Building Size | 24,785 SF |
| No. Stories | 3 |
| Year Built | 1965 |
| Parking Ratio | 1.08/1,000 SF |
| Zoning | R40000 |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Microwave
- Refrigerator
- Oven
- Range
SITE AMENITIES
- Property Manager on Site
- Elevator
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 14 | $2,350 | 650 - 731 |
| 2+1 | 9 | $3,150 | 840 |
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Walk Score®
Very Walkable (72)
PROPERTY TAXES
| Parcel Number | 045-022-230 | Total Assessment | $10,944,321 (2025) |
| Land Assessment | $3,249,639 (2025) | Annual Taxes | $148,173 ($5.98/SF) |
| Improvements Assessment | $7,694,682 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
045-022-230
Land Assessment
$3,249,639 (2025)
Improvements Assessment
$7,694,682 (2025)
Total Assessment
$10,944,321 (2025)
Annual Taxes
$148,173 ($5.98/SF)
Tax Year
2024
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5%+ Market CAP Rate-HUGE Upside w/ VIEWS! | 2200 Village Ct
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