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.
