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2421 Carlmont Dr 18 Unit Apartment Building $8,200,000 ($455,556/Unit) 4.01% Cap Rate Belmont, CA 94002
INVESTMENT HIGHLIGHTS
- Excellent Unit-Mix with a diverse layout and interior walkways
- Central Peninsula Location - convenient to both San Francisco and Silicon Valley job markets
- Supply Constraints and regulatory barriers protecting long-term rental stability
EXECUTIVE SUMMARY
Kidder Mathews is pleased to present “The Dolphin” located at 2421 Carlmont Drive in Belmont California. The Dolphin is an exceptional 18-unit apartment building located on Carlmont drive in a peaceful residential neighborhood block, minutes from downtown Belmont.
This 18-unit apartment community is strategically positioned in Belmont, one of the most desirable submarkets in the San Francisco Bay Area. Located midway between San Francisco and Silicon Valley, Belmont neighbors San Carlos and San Mateo and offers residents unmatched access to major employment centers, top-tier schools, and abundant lifestyle amenities. The property benefits from close proximity to Highway 92, Ralston Avenue, Highway 101, Interstate 280, and Caltrain, providing excellent connectivity throughout the Peninsula and beyond.
This 18-unit apartment community is strategically positioned in Belmont, one of the most desirable submarkets in the San Francisco Bay Area. Located midway between San Francisco and Silicon Valley, Belmont neighbors San Carlos and San Mateo and offers residents unmatched access to major employment centers, top-tier schools, and abundant lifestyle amenities. The property benefits from close proximity to Highway 92, Ralston Avenue, Highway 101, Interstate 280, and Caltrain, providing excellent connectivity throughout the Peninsula and beyond.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$599,820
|
$10.00
|
| Other Income |
$6,000
|
$0.10
|
| Vacancy Loss |
$17,995
|
$0.30
|
| Effective Gross Income |
$587,825
|
$9.80
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$259,377
|
$4.32
|
| Net Operating Income |
$328,448
|
$5.47
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $599,820 |
| Annual Per SF | $10.00 |
| Other Income | |
|---|---|
| Annual | $6,000 |
| Annual Per SF | $0.10 |
| Vacancy Loss | |
|---|---|
| Annual | $17,995 |
| Annual Per SF | $0.30 |
| Effective Gross Income | |
|---|---|
| Annual | $587,825 |
| Annual Per SF | $9.80 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $259,377 |
| Annual Per SF | $4.32 |
| Net Operating Income | |
|---|---|
| Annual | $328,448 |
| Annual Per SF | $5.47 |
PROPERTY FACTS
| Price | $8,200,000 | Property Subtype | Apartment |
| Price Per Unit | $455,556 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.01% | Lot Size | 0.47 AC |
| Sale Condition | 1031 Exchange | Building Size | 27,082 SF |
| Gross Rent Multiplier | 13.67 | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1965 |
| Price | $8,200,000 |
| Price Per Unit | $455,556 |
| Sale Type | Investment |
| Cap Rate | 4.01% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 13.67 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.47 AC |
| Building Size | 27,082 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1965 |
AMENITIES
UNIT AMENITIES
- Balcony
- Heating
- Refrigerator
- Oven
- Range
- Garden
- Patio
- Smoke Free
- Large Bedrooms
SITE AMENITIES
- Laundry Facilities
- Elevator
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+2 | 4 | $3,575 | 1,100 - 1,200 |
| 2+2 | 6 | $2,873 | 750 |
| 2+1 | 4 | $2,450 | 700 |
| 1+1 | 4 | $2,163 | 650 |
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PROPERTY TAXES
| Parcel Number | 045-030-120 | Improvements Assessment | $1,584,979 (2025) |
| Land Assessment | $679,261 (2025) | Total Assessment | $2,264,240 (2025) |
PROPERTY TAXES
Parcel Number
045-030-120
Land Assessment
$679,261 (2025)
Improvements Assessment
$1,584,979 (2025)
Total Assessment
$2,264,240 (2025)
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2421 Carlmont Dr
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