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Rare opportunity in San Carlos to transform and expand an existing 1,605 SF home into a spectacular 2,685 SF custom residence. The sale includes fully approved plans for an approximately 1,080 SF addition, creating a modern farmhouse with 5 bedrooms and 4.5 bathrooms, including a junior ADU with private bedroom, bathroom, living area, and efficiency kitchen. The floor plan is designed for modern family living. The main level offers 3 bedrooms and 2.5 bathrooms, including a primary suite on the same floor as the additional bedrooms ideal for families with young children. The lower level adds a second primary suite, providing long-term flexibility as needs change over time. Also on the lower level is the junior ADU, perfect for extended family, guests, an au pair, or private WFH space. The approved design features open-concept living, designer finishes, and seamless indoor-outdoor flow to landscaped front and rear yards. Modern farmhouse style includes a white exterior, black-framed windows, and a black roof. An exceptional opportunity for an end-user or developer, with fully approved plans. Close escrow on a Wednesday, start building on a Thursday. Comparable new construction has a potential value exceeding $4.4M. Recent sale on Elm was $4.75M. Construction financing available.
Listing agent: Mark Palermo DRE #01469372 mark.palermo@compass.com, Listing office: Compass
MLS data updated 10/24/2026, 5:05:57 PM PT
Source: CRMLS, MLS #: ML82057362
Belmont insights
Compare recorded home prices, same-type ZIP sales and mortgage rates.
Aug 14, 2026
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This home · nearest recorded event
$2,988,000Original asking price · Aug 14, 2026ZIP 94070 · Aug 2026
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No weekly rateNo published rate within 7 days of this date.No recorded sales in this range. Select All available for older records; missing records do not mean the home never sold.
ZIP averages use publicly displayable closed sales from our licensed MLS feed, matched to the same ZIP and exact property type. Months with fewer than 3 sales are omitted; the current month is incomplete. Lines connect available monthly observations across gaps and do not represent measured prices in missing months. These averages are not adjusted for size, condition, or location within the ZIP, and are not an appraisal. Feed coverage may not include every sale. All available shows the available home and ZIP history, with mortgage rates over the same dates.
Mortgage benchmark: Freddie Mac Primary Mortgage Market Survey®. © Freddie Mac. Weekly national 30-year fixed rates, not APRs or a loan quote. Actual terms vary. Methodology changed in November 2022. The chart does not establish that interest-rate changes caused a home’s price changes.
Lines connect recorded asking and sale prices. They are visual guides, not estimates of the home’s value between those dates.
No earlier records were returned by our current sources. This does not mean the home has never sold.
MLS records may be incomplete. Earlier asking prices are not sale prices.