Press Releases
Marcus & Millichap Brokers San Francisco Bay Area Apartment Asset Sale
May 04, 2026
BELMONT, Calif., May 4, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of El Dorado Apartments, a 39-unit multifamily property in Belmont, California. The asset traded for $20,237,500, or $518,910 per unit.
“Belmont’s strong employment fundamentals, low vacancy levels, and consistent rental growth place El Dorado Apartments in position to grow net-operating income significantly,” said Robert Johnston, executive managing director, Marcus & Millichap. Johnston, Adam Levin, and Arman Sadigh of Marcus & Millichap represented the seller, and procured the buyer.
Located in the San Francsico Bay Area’s Mid-Peninsula region, the property is adjacent to Belameda Park and the Belmont Public Library. Downtown Belmont, the Hillsdale Shopping Center, and Downtown San Carlos are nearby. Top tech employers, including Oracle, Facebook, Google, Cisco Systems, Visa, and Sony are within proximity, and the Belmont Caltrain station is a mile and a half away. Interstate 280, California State Route 92, California State Route 82, and U.S. Highway 101 are close by.
Constructed in 1962, El Dorado Apartments has a unit mix of one- and two-bedroom apartments. Unit interiors have been upgraded and select units have washers and dryers, dishwashers, stainless-steel appliances, modern cabinetry, and kitchen islands. Community amenities include a fitness center and private, covered parking.
“Belmont’s strong employment fundamentals, low vacancy levels, and consistent rental growth place El Dorado Apartments in position to grow net-operating income significantly,” said Robert Johnston, executive managing director, Marcus & Millichap. Johnston, Adam Levin, and Arman Sadigh of Marcus & Millichap represented the seller, and procured the buyer.
Located in the San Francsico Bay Area’s Mid-Peninsula region, the property is adjacent to Belameda Park and the Belmont Public Library. Downtown Belmont, the Hillsdale Shopping Center, and Downtown San Carlos are nearby. Top tech employers, including Oracle, Facebook, Google, Cisco Systems, Visa, and Sony are within proximity, and the Belmont Caltrain station is a mile and a half away. Interstate 280, California State Route 92, California State Route 82, and U.S. Highway 101 are close by.
Constructed in 1962, El Dorado Apartments has a unit mix of one- and two-bedroom apartments. Unit interiors have been upgraded and select units have washers and dryers, dishwashers, stainless-steel appliances, modern cabinetry, and kitchen islands. Community amenities include a fitness center and private, covered parking.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
