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631 Masonic Way 10 Unit Apartment Building $6,850,000 ($685,000/Unit) 3.59% Cap Rate Belmont, CA 94002
Executive Summary
Introducing The Avatar Apartments at 631 Masonic Way in Belmont. This truly in a class of its own property underwent a fully permitted gut renovation in 2021-2022. This 10 unit asset consists of (3) 2 bed/1 bath units, (6) 1 bed/1 bath units, and (1) studio. The incredibly light and bright homes all have laminate
plank and tile flooring, custom tile showers, dual pane windows, plus in-unit laundry. The kitchens feature quartz countertops, subway tile backsplashes, shaker-style cabinets with soft-close doors and drawers, stainless steel appliances, dishwashers, and undermount sinks. New 400 watt power was pulled from the street and the main panels and sub-panels have been updated. An earthquake retrofit has been completed and a new steel exterior staircase was added. This secured mid-century modern masterpiece boasts stunning interior hallways flooded with natural light from the soaring clerestory roof and skylights. Not to be outdone, the location has a WalkScore of 90, is 1/10 of a mile to Caltrain and a stone’s throw to retail on Ralston/Downtown Belmont. Easy access to HWY 101 and blocks to Twin Pines Park, Belmont City Hall and Notre Dame De Namur University. Electrical car charging on-site plus (8) tuck-under parking and (3) 1 car garages + (3) tandem. Contact Listing Agents for OM, inspection reports, etc.
plank and tile flooring, custom tile showers, dual pane windows, plus in-unit laundry. The kitchens feature quartz countertops, subway tile backsplashes, shaker-style cabinets with soft-close doors and drawers, stainless steel appliances, dishwashers, and undermount sinks. New 400 watt power was pulled from the street and the main panels and sub-panels have been updated. An earthquake retrofit has been completed and a new steel exterior staircase was added. This secured mid-century modern masterpiece boasts stunning interior hallways flooded with natural light from the soaring clerestory roof and skylights. Not to be outdone, the location has a WalkScore of 90, is 1/10 of a mile to Caltrain and a stone’s throw to retail on Ralston/Downtown Belmont. Easy access to HWY 101 and blocks to Twin Pines Park, Belmont City Hall and Notre Dame De Namur University. Electrical car charging on-site plus (8) tuck-under parking and (3) 1 car garages + (3) tandem. Contact Listing Agents for OM, inspection reports, etc.
Property Facts
| Price | $6,850,000 | Apartment Style | Low-Rise |
| Price Per Unit | $685,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 3.59% | Building Size | 10,072 SF |
| Gross Rent Multiplier | 17.78 | No. Stories | 2 |
| No. Units | 10 | Year Built | 1964 |
| Property Type | Multifamily | Parking Ratio | 1.79/1,000 SF |
| Property Subtype | Apartment |
| Price | $6,850,000 |
| Price Per Unit | $685,000 |
| Sale Type | Investment |
| Cap Rate | 3.59% |
| Gross Rent Multiplier | 17.78 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 10,072 SF |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 1.79/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | - |
| 2+2 | 1 | - | 1,750 |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 040-313-200 | Improvements Assessment | $2,438,654 |
| Land Assessment | $1,948,377 | Total Assessment | $4,387,031 |
Property Taxes
Parcel Number
040-313-200
Land Assessment
$1,948,377
Improvements Assessment
$2,438,654
Total Assessment
$4,387,031
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