631 Masonic Way · Belmont, CA 94002

$6,850,000

10 bd · 9.0 ba · 10,072 sqft · MultiFamily public records · 20 Days on market

Built 1964 9,940 sqft lot Est $4885k · 40% over

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Why this score? — see what drove the F 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
• Schools +7.2/10.0
• Cash flow +6.1/30.0
• Livability +4.1/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• 1% rule +0.8/10.0
• DSCR +0.4/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 10 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

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.

Key facts

• Quartz countertops
• Custom tile showers
• In-unit laundry

Tags

• FULLY PERMITTED GUT RENOVATION
• LAMINATE PLANK FLOORING
• CUSTOM TILE SHOWERS
• DUAL PANE WINDOWS
• IN-UNIT LAUNDRY
• QUARTZ COUNTERTOPS

Property features AI

Finance

• Other: Living area reported; Zoning: Multi-family
• Financial info: Property operates as a multi-unit complex with at least 10 units; Annual rental income reported; Annual gross income reported; Gross scheduled income reported; Gross rent multiplier reported; Total expenses and other expenses reported; Landscape expense reported; Trash and utility expenses reported; Tenants pay for electricity and gas

Exterior

• Parking: Assigned parking spaces; Two garage spaces; Three total parking spaces; Carport capacity for 6 (minimum)
• Security: Secured building
• Utilities: Public water; Public sewer; Separate meters for water, electric, and gas; Trash expense listed; Utility expenses listed
• Home design: Multi-family property; Single building (one building)
• Construction: Concrete perimeter and slab foundation
• Exterior features: Flat/low pitch roof; Tenant-paid utilities for electric and gas; Public utilities

Interior

• Kitchen: Kitchens included in each unit (appliance details not provided)
• Bedrooms: Three 2-bedroom units; Six 1-bedroom units; One unit (bedrooms not specified)
• Bathrooms: Multiple full bathrooms across units (each listed unit type includes 1 full bath)
• Heating & cooling: Wall furnace heating
• Interior features: Security building
• Laundry & utility: Tenants pay electric and gas utilities

What this means for you Summary

Snapshot

• This is a 3×2bd/1ba + 6×1bd/1ba + 1×?bd/1ba units multifamily listed at $6.85M.

Deal economics

• At list price, monthly cash flow is $-13k ($-154k/yr) — negative. Per door: $-1k/mo.
• To cash-flow at today's rent, offer at most $4.58M (33.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $3.94M (42.4% below list).
• Recommended offer: $3.94M (42.4% below list) — sets the bar for 1% rule.
• Cap rate 4.0% vs local median 0.8% 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: commute A+, employment A+, health & safety 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.
• Zoned schools: Central Elementary (math 87% / reading 93%, grade A+, #8 of 1,571 statewide, top 1%, 437 students, 4% FRL); Ralston Intermediate (math 78% / reading 85%, grade A+, #14 of 498 statewide, top 3%, 1,117 students, 4% FRL) — zoned schools at 4% FRL track the district average.
• Market conditions: Rents rising fast (+4.6%/yr); 65 active listings in the ZIP; high-income renter base; 1,019 units permitted in San Mateo County in 2024 (484 in 5+ unit buildings).
• At $39,422/mo this rent would consume 232% 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 $474k of equity ($47k loan paydown + $427k 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 ~$758k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($6.75M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y 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 $3.70M; list at $6.85M implies a 85% gain — meaningful room to come down on a strong offer.

Recommended offer $3,942,200 (42.4% 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 1964 — 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: 0.58% ✗
• Cap rate: 4.05%
• Cash-on-cash: -8.02%
• DSCR: 0.64
• GRM: 14.5

CMA / ARV

• ARV (on-the-fly): $4,884,920
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
630 Masonic Way	0.04mi	10/10.0	10,048 (-0%)	4mo	$4,875,000	$485	91
620 Masonic Way	0.04mi	10/10.0	9,233 (-8%)	6mo	$3,600,000	$390	76

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 9.9%
• Equity multiple: 1.69×
• Total profit: $1,315,214
• Equity at exit: $4,404,973

10-year hold

• IRR: 11.5%
• Equity multiple: 3.41×
• Total profit: $4,617,814
• Equity at exit: $8,074,882

Cash invested: $1,918,000 (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: 65
• Price-to-rent: 133.5×

Monthly cashflow live

• Estimated rent: $39,422 high
• Mortgage (P&I): −$35,922
• Tax from tax record: −$5,191 /mo · $62,289/yr
• Insurance: −$2,854
• HOA: −$0
• Vacancy / Maint / Mgmt: −$8,279
• Net cashflow: $-12,824

Break-even live

Break-even rent $55,655

Max offer price $4,584,636

Occupancy floor —

Sensitivity live

Price	-10% $-8,946	-5% $-10,885	+0% $-12,824	+5% $-14,763	+10% $-16,701
Rent	-10% $-15,938	-5% $-14,381	+0% $-12,824	+5% $-11,267	+10% $-9,709
Rate	-1.0pp $-9,374	-0.5pp $-11,081	base $-12,824	+0.5pp $-14,599	+1.0pp $-16,405

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$12,822
▸ 6× units	1	1	$22,506
1× unit	0	1	$4,091
Total (10 units)			$39,422

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: $1,712,500
• Closing costs: $205,500
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-21
   days on market $6,850,000 Active 20 DOM
2. 2026-06-18
   days on market $6,850,000 Active 17 DOM
3. 2026-06-17
   days on market $6,850,000 Active 16 DOM
4. 2026-06-16
   days on market $6,850,000 Active 15 DOM
5. 2026-06-15
   days on market $6,850,000 Active 14 DOM
6. 2026-06-13
   days on market $6,850,000 Active 12 DOM
7. 2026-06-13
   days on market $6,850,000 Active 11 DOM
8. 2026-06-09
   days on market $6,850,000 Active 8 DOM
9. 2026-06-08
   days on market $6,850,000 Active 7 DOM
10. 2026-06-07
    days on market $6,850,000 Active 6 DOM
11. 2026-06-04
    days on market $6,850,000 Active 3 DOM
12. 2026-06-03
    days on market $6,850,000 Active 2 DOM
13. 2026-06-02
    remarks 699-char remark
14. 2026-06-02
    listed $6,850,000 Active 1 DOM

ⓘ 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: $62,289 · $5,191/mo
• Projected year-2 tax: $62,289 · $5,191/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $473,064
• − Mortgage interest: −$383,707
• − Property taxes: −$62,289
• − Insurance: −$34,250
• − Repairs & maintenance: −$37,845
• − Management: −$37,845
• − Depreciation: −$199,273
• Taxable loss: −$282,145
• Est. tax savings @ 24.0%: +$67,715
• After-tax cash flow: $-86,170/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

+363.6% since first listed

13 events — show timeline

• 2026-06-01 Listed $6,850,000 MLSListings
• 2026-06-01 Listed $6,850,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2020-07-13 Sold (MLS) $3,700,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2020-07-13 Sold (MLS) $3,700,000 MLSListings
• 2020-06-01 Pending — MLSListings
• 2020-05-12 Price Changed $4,000,000 MLSListings
• 2020-05-02 Price Changed $4,489,000 MLSListings
• 2020-05-02 Price Changed $4,000,000 MLSListings
• 2020-05-02 Relisted — MLSListings
• 2020-02-06 Pending — MLSListings
• 2020-01-06 Listed $4,489,000 MLSListings
• 2020-01-06 Listed $4,000,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2009-03-19 Sold (Public Records) $1,477,500 Public Records

Property tax history

+13.0%/yr

Latest (2025): $62,289 · +5.4% YoY. Source: county tax records.