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2186 Carlmont Drive or The Palma Apartments are an impeccably-maintained and managed 10-unit multifamily property located in the exclusive Belmont Hills neighborhood of Belmont, California. Listed at $4,300,000, this multifamily investment property offers a unit mix of eight (8) 1-bedroom/1-bath units (675 sqft) and two (2) 2-bedroom/1-bath units (901 sqft) totaling 9,688 square feet of gross building area on a 10,000 square foot lot. The property features large patios/balconies, 11 tenant parking spaces, 11 individual storage closets, and circuit breakers throughout. Key upgrades include a 35-year laminated fiberglass shingle roof (2013), a 100-gallon water heater (replaced in 2022), and SB 721 inspections have been completed. All units are individually metered for gas and electricity, with wall heaters in the 1-bedroom units and forced air in 2-bedroom units. Currently generating nearly $285,000 in annual income with an in-place 15.15 GRM, this asset presents strong current cash flow with rental upside. Ideally located near Carlmont Village Shopping Center and top-rated schools, this is an excellent opportunity for investors seeking solid in-place income and long-term value in one of the Peninsulas strongest rental markets.
| LAST UPDATED | 7/17/2025 | YEAR BUILT | 1961 |
|---|---|---|---|
| COUNTY | San Mateo | STATUS | Active |
| PROPERTY TYPE(S) | Multi Family |
| Elementary School | Cipriani Elementary |
|---|---|
| Jr. High School | Ralston Intermediate |
| High School | Carlmont High |
| ADDITIONAL DETAILS | |
| AIR | Ceiling Fan(s) |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Dishwasher, Electric Range, Oven, Range, Refrigerator |
| HEAT | Central, Forced Air, Natural Gas, Wall Furnace |
| LOT | 9914 sq ft |
| LOT DIMENSIONS | 9914.00 |
| PARKING | Assigned, Covered |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| TAXES | 47150 |
| WATER | Public |
| ZONING | Multifamily Residential |
TOTAL MONTHLY PAYMENT
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the MLSListings™ MLS system. All real estate listings in the MLSListings MLS system are marked with the MLSListings Internet Data Exchange icon (a stylized house inside a circle), and detailed information about them includes the names of the listing brokers and listing agents.
Based on information from MLSListings MLS as of 7/18/25 8:52 PM PDT. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Copyright 2025 MLSListings Inc. All rights reserved.
This IDX solution is (c) Diverse Solutions 2025.
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