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1061 Alma Street

Palo Alto, CA 94301
  • $5,500,000
  • STATUS: Active
  • ON SITE: 129 Days
  • ID#: ML81869608
UPDATED: 45 min ago
$5,500,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1965
County:

School Ratings & Info

Listing Agent(s): Eric Katz of Katz Inc (408-438-0969)


Description

1061 Alma Street is a rare investment opportunity in the coveted historic Professorville district in Palo Alto. This pride of ownership asset is walking distance to Stanford University, & features (4) single-story 1BD/1BA cottages on a large 10,500 square foot lot (0.24 acres). There is a unique opportunity to develop this parcel in accordance with SB-10, which facilitates the passage of high-density housing redevelopments and allows cities to forego environmental review and override local land-use restrictions when approving developments. Another parcel on the same lot size is under planning review to develop 36 studios with ground-level office space & below-grade parking at 955 Alma Street, only 1 block away from the subject property. There is also potential to split the lot into two parcels, creating further development appeal. Buyer to verify development potential with city and local ordinances.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-20T00:31:21.923. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Houston Team | Compass CA DRE#01991628. Licensed in the State of California, USA.
www.northsdrealty.com/homes/124618799
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1061 Alma Street Palo Alto, CA 94301

  • Price: $5,500,000
  • Status: Active
  • On Site: 129 Days
  • Updated: 45 min ago
  • ID#: ML81869608
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1965
Built
Neighborhood:
699 - Not Defined
County:
Santa Clara
Area:
699 - Not Defined
Property Description
1061 Alma Street is a rare investment opportunity in the coveted historic Professorville district in Palo Alto. This pride of ownership asset is walking distance to Stanford University, & features (4) single-story 1BD/1BA cottages on a large 10,500 square foot lot (0.24 acres). There is a unique opportunity to develop this parcel in accordance with SB-10, which facilitates the passage of high-density housing redevelopments and allows cities to forego environmental review and override local land-use restrictions when approving developments. Another parcel on the same lot size is under planning review to develop 36 studios with ground-level office space & below-grade parking at 955 Alma Street, only 1 block away from the subject property. There is also potential to split the lot into two parcels, creating further development appeal. Buyer to verify development potential with city and local ordinances.
Exterior Features

Carport Spaces 4 Carport YN Yes Foundation Details Concrete PerimeterSlab Lot Features Back Yard Parking Features Attached CarportCarportUncovered Parking Total 4 Roof Asbestos ShingleCompositionShingle

Interior Features

Accessibility Features Customized Wheelchair AccessibleParking Cooling None Cooling YN No Heating Natural Gas Heating YN Yes

Property Features

Cap Rate 1.62 Garage YN No Gross Scheduled Income 169920 Insurance Expense 1417 Listing Agreement Exclusive Right To Sell Maintenance Expense 2000 Special Listing Conditions Standard Trash Expense 0 Zoning R1



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-20T00:31:21.923. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Houston Team | Compass CA DRE#01991628. Licensed in the State of California, USA.
 
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The Houston Team | Compass CA DRE#01991628
2100 Costa Del Mar
Carlsbad CA, 92009
Listing Agent(s): Eric Katz of Katz Inc (408-438-0969)