Belmont apartment building trades at $359,375 a unit

Marcus & Millichap arranged the $5.75 million sale of Carlmont Hills Apartments, a 16-unit building at 2401 Carlmont Drive in Belmont. Connect CRE first reported the deal. The price works out to $359,375 a unit. The buyer, a local syndication group, financed the purchase with $3.8 million in acquisition debt arranged by Marcus & Millichap Capital Corporation. The seller was a local family office.

According to Connect CRE, the acquisition loan comes from a national bank and carries a 10-year term, a 5.85% interest rate, 70% loan-to-value, and a 30-year amortization schedule. The 10-year term and 70% leverage give the new owner time to execute a renovation plan.

Adam Levin and Robert Johnston of Marcus & Millichap's Palo Alto office marketed the property on behalf of the seller and procured the buyer, representing both sides of the trade. Levin said the building offered the buyer upside through continued interior and exterior renovations, with Belmont's limited housing supply, low vacancy, and proximity to Silicon Valley employment centers supporting rental growth. Chad O'Connor, an executive managing director in the firm's San Diego office, secured the financing.

Deals this size rarely surface with public terms, so the price and loan structure are worth reading together. The $359,375 per-unit figure gives small-balance buyers a fresh comparison point for San Mateo County. The 30-year amortization likely allows the syndicator to underwrite renovations from cash flow rather than recapitalizing.

The trade is a reminder that the small-balance end of multifamily still runs on private capital and relationship brokers. At $5.75 million, this is a slice of the market that usually gets little coverage. The published price and terms make it a benchmark. When larger deals dominate the headlines, it is these private trades that keep pricing transparent — and the next small building to trade on the Peninsula will be priced against this one.