1120 Elmer St · Belmont, CA 94002

$1,680,000

4 bd · 4.0 ba · 2,516 sqft · MultiFamily public records · 1 Days on market

Built 1953 4,748 sqft lot

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Appreciation +8.1/10.0
• Cash flow +7.8/30.0
• ARV discount +7.5/15.0
• Schools +7.2/10.0
• Livability +4.1/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• DSCR +1.9/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Incredible opportunity to acquire a rarely available Fourplex in downtown Belmont that offers significant add-value for a new owner, with one unit already vacant and another coming vacant soon. Renovate and achieve top market rents immediately! (4) One-Bedroom / One-Bath Units. Newly upgraded electrical system and new sewer lateral piping installed ($22k). Individual water heaters. Walking distance to Belmont Caltrain Station and Belmont Village Shopping Center. Walk Score: 88 (Very Walkable). Surrounded by major Life Science & Biotech Development Projects estimated to deliver 13,000 employees - high paying research, tech & life science jobs - potential future tenants! Close proximity to highly ranked schools including Carlmont High School (10/10 Rating). Ideal for owner-occupiers, value-add multifamily investors, small syndicators, 1031 exchange buyers, life-science workforce housing, and family offices.

Key facts

• 4,748 sq ft lot
• Built 1953

Property features AI

Finance

• Other: Meters: Separate electric and separate gas
• Financial info: Annual rental income: $100,872; Annual gross income: $97,846; Gross scheduled income: $100,872; Total expenses: $35,983; Vacancy factor: 3%; Gross rent multiplier: 16.65; Tenant-paid utilities include electric and gas; Reported landscape expense: $1,200; Reported trash expense: $1,920; Reported utility expenses: $2,320

Exterior

• Parking: Carport parking (4 spaces)
• Security: Security lights
• Utilities: Public water; Sewer (public); Individual electric meters; Individual gas meters
• Home design: Multi-unit building with 4 units in 1 building; 2 stories
• Construction: Concrete slab foundation; Flat/low pitch roof
• Exterior features: Flat/low pitch roof; Concrete slab foundation; Security lights; Landscape expense reported (annual)

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Four 1-bedroom units (each unit listed as 1 bedroom)
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Gas heating; Wall furnace
• Interior features: Security lights; Separate tenant-paid utilities for electric and gas
• Laundry & utility: Individual electric meters; Individual gas meters

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1.0-bath units multifamily listed at $1.68M.

Deal economics

• At list price, monthly cash flow is $-2k ($-23k/yr) — negative. Per door: $-470/mo.
• To cash-flow at today's rent, offer at most $1.35M (19.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.20M (28.6% below list).
• Recommended offer: $1.20M (28.6% below list) — sets the bar for 1% rule.
• Cap rate 5.0% vs local median 0.7% in Belmont — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 82/100 on livability (#28 in CA, #1,062 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, employment A+; Watch: cost of living F.
• Belmont-Redwood Shores Elementary (suburban): math 75% / reading 80% proficiency, ranked #25 of 517 in CA (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 6% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+4.6%/yr); 66 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,019 units permitted in San Mateo County in 2024 (484 in 5+ unit buildings).
• At $12,001/mo this rent would consume 71% of the median local household income ($204k/yr) (locally 939% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $116k of equity ($12k loan paydown + $105k appreciation (6.2% local appreciation)).
• San Mateo County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$186k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.43M; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,200,100 (28.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.71% ✗
• Cap rate: 4.95%
• Cash-on-cash: -4.79%
• DSCR: 0.79
• GRM: 11.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.23% appreciation · 4.56% rent growth · sell at horizon

5-year hold

• IRR: 12.6%
• Equity multiple: 1.87×
• Total profit: $407,274
• Equity at exit: $1,080,344

10-year hold

• IRR: 13.7%
• Equity multiple: 3.82×
• Total profit: $1,327,431
• Equity at exit: $1,980,409

Cash invested: $470,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 94002

• Home prices YoY: 1.7%
• Rents YoY: 4.6%
• Active inventory: 66
• Price-to-rent: 46.7×

Monthly cashflow live

• Estimated rent: $12,001 high
• Mortgage (P&I): −$8,810
• Tax from tax record: −$1,850 /mo · $22,203/yr
• Insurance: −$700
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,520
• Net cashflow: $-1,880

Break-even live

Break-even rent $14,380

Max offer price $1,347,969

Occupancy floor —

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$12,000
Total (4 units)			$12,001

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $420,000
• Closing costs: $50,400
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1129 Vailwood Way San Mateo, CA	4.0	3.0	2510	$6,375	$2.54	1d	1	0.80mi
321 Quay Ln Redwood City, CA	3.0	2.5	2042	$6,750	$3.31	17d	1	0.97mi
70 Adam Ct San Carlos, CA	5.0	3.5	3200	$10,500	$3.28	1d	1	1.31mi

Listing history 2 events

1. 2026-06-18
   remarks 691-char remark

   Show marketing remark (926 chars)

   Incredible opportunity to acquire a rarely available Fourplex in downtown Belmont that offers significant add-value for a new owner, with one unit already vacant and another coming vacant soon. Renovate and achieve top market rents immediately! (4) One-Bedroom / One-Bath Units. Newly upgraded electrical system and new sewer lateral piping installed ($22k). Individual water heaters. Walking distance to Belmont Caltrain Station and Belmont Village Shopping Center. Walk Score: 88 (Very Walkable). Surrounded by major Life Science & Biotech Development Projects estimated to deliver 13,000 employees - high paying research, tech & life science jobs - potential future tenants! Close proximity to highly ranked schools including Carlmont High School (10/10 Rating). Ideal for owner-occupiers, value-add multifamily investors, small syndicators, 1031 exchange buyers, life-science workforce housing, and family offices.

2. 2026-06-18
   listed $1,680,000 Active 1 DOM

   Show marketing remark (926 chars)

   Incredible opportunity to acquire a rarely available Fourplex in downtown Belmont that offers significant add-value for a new owner, with one unit already vacant and another coming vacant soon. Renovate and achieve top market rents immediately! (4) One-Bedroom / One-Bath Units. Newly upgraded electrical system and new sewer lateral piping installed ($22k). Individual water heaters. Walking distance to Belmont Caltrain Station and Belmont Village Shopping Center. Walk Score: 88 (Very Walkable). Surrounded by major Life Science & Biotech Development Projects estimated to deliver 13,000 employees - high paying research, tech & life science jobs - potential future tenants! Close proximity to highly ranked schools including Carlmont High School (10/10 Rating). Ideal for owner-occupiers, value-add multifamily investors, small syndicators, 1031 exchange buyers, life-science workforce housing, and family offices.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $22,203 · $1,850/mo
• Projected year-2 tax: $22,203 · $1,850/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $144,012
• − Mortgage interest: −$94,106
• − Property taxes: −$22,203
• − Insurance: −$8,400
• − Repairs & maintenance: −$11,521
• − Management: −$11,521
• − Depreciation: −$48,873
• Taxable loss: −$52,612
• Est. tax savings @ 24.0%: +$12,627
• After-tax cash flow: $-9,928/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Belmont-Redwood Shores Elementary
• NCES district ID: 0604530
• Math proficiency: 75% ▼ -4.00%
• Reading proficiency: 80% ▼ -2.00%
• Median HH income: $116,616
• Composite: 71.94/100
• National rank: #212
• State rank: #25 of 517 in CA

Livability — Belmont

• Score: 82/100
• State rank: #28
• US rank: #1062

Category grades

Amenities B Commute A+ Cost of living F Crime A- Employment A+ Housing B Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Belmont, CA
• County: San Mateo County · 733,415 people
• City population: 27,534
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 27,534
• Household income: $203,965
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 939.0

Population outlook (San Mateo County) Hauer SSP2

• Today (2025): 864,008 people
• By 2030: 910,523 · +5.4%
• By 2040: 997,285 · +15.4%
• By 2050: 1,071,189 · +24.0%
• By 2075: 1,197,206 · +38.6%
• By 2100: 1,192,523 · +38.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 46% Asian 29% Hispanic / Latino 14% Two or more races 10% Black 2% Pacific Islander 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 3% Slovak 2% Scotch-Irish 2%
• Foreign-born: 31% · China, Canada, Vietnam
• Languages at home: 62% English-only · Spanish 10% Chinese 9% Other Indo-European 6%

Political lean MEDSL · San Mateo

• 2024 margin: Solid D (+50.3) · D 73.5% · R 23.2% · Other 3.3%
• 2008→2024 swing: +1.6pp toward D · 2008: 48.7pp · 2024: 50.3pp
• All cycles: 2024: D+50.3 2020: D+57.7 2016: D+57.7 2012: D+44.8 2008: D+48.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.23%
• Current HPI: 376.2038
• Rent YoY: ▲ 4.56%
• Metro: San Francisco-Oakland-Berkeley, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+86053.8% since first listed

13 events — show timeline

• 2026-06-18 Listed $1,680,000 MLSListings
• 2026-06-18 Listed $1,680,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-01-22 Sold (Public Records) $1,430,000 Public Records
• 2024-01-22 Sold (MLS) $1,430,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-01-22 Sold (MLS) $1,430,000 MLSListings
• 2023-12-14 Pending — MLSListings
• 2023-11-07 Relisted — MLSListings
• 2023-11-04 Contingent — MLSListings
• 2023-10-21 Price Changed $1,598,000 MLSListings
• 2023-10-21 Price Changed $998,000 MLSListings
• 2023-09-30 Listed $1,598,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2023-09-30 Listed $1,598,000 MLSListings
• 2022-04-02 Price Changed $1,950 RENT.

Property tax history

+7.5%/yr

Latest (2025): $22,203 · +82.2% YoY. Source: county tax records.