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1061 Alma St

Palo Alto, CA 94301
  • $5,950,000
  • STATUS: Active
  • ON SITE: 77 Days
  • ID#: ML81869608
UPDATED: 59 min ago
$5,950,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 2,577
    SQFT
  • $2,309
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1965
County:

School Ratings & Info

Description

1061 Alma Street is a prime redevelopment opportunity in the coveted historic Professorville district in Palo Alto. This pride of ownership asset is located within 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 goes intoeffect on 1/1/22. SB-10 facilitates the passage of high-density housing developments, while allowing cities to forego environmental review & 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. The city previously indicated they will allow the lot to be split into two parcels as well, creating further development appeal. Buyer to verify development potential with city and local ordinances.

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© 2022 MLSListings Inc. Based on information from MLSListings MLS as of 2022-01-26T16:48:54.817. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. DX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Paymon Real Estate Group.

Licensed in the State of California.
www.paymonhome.com/homes/123145240
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1061 Alma St Palo Alto, CA 94301

  • Price: $5,950,000
  • Status: Active
  • On Site: 77 Days
  • Updated: 59 min ago
  • ID#: ML81869608
0
Beds
0
Baths
0
½ Baths
N/A
Acres
2,577
SQFT
$2,309
$/SQFT
1965
Built
Neighborhood:
Professorville
County:
Santa Clara
Area:
Professorville
Property Description
1061 Alma Street is a prime redevelopment opportunity in the coveted historic Professorville district in Palo Alto. This pride of ownership asset is located within 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 goes intoeffect on 1/1/22. SB-10 facilitates the passage of high-density housing developments, while allowing cities to forego environmental review & 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. The city previously indicated they will allow the lot to be split into two parcels as well, creating further development appeal. Buyer to verify development potential with city and local ordinances.
Exterior Features

Foundation Concrete Perimeter And Slab Garage Parking CarportUncovered Parking Number Of Buildings 2 Parking Spaces 4 Pool YN No Roof CompositionShingle Stories 1

Interior Features

Beds Unit1 1 Beds Unit2 1 Beds Unit3 1 Beds Unit4 1 Cooling None Heating Gas Sq Ft Unit1 645 Sq Ft Unit2 645 Sq Ft Unit3 645 Sq Ft Unit4 642 Structure Sq Ft 2577

Property Features

Accessibility Features ParkingWheelchair Access Additional Listing Info Not Applicable City Name Palo Alto Hoa YN No Horse Property YN No Lot Size Area Maximum 10500.00 Meters Master WaterSeparate ElectricSeparate Gas Property Sub Type Fourplex Rent Unit1 3900 Rent Unit2 3400 Rent Unit3 3400 Rent Unit4 3400 Security Features None Sewer Septic Sewer - Public Sq Ft Source Assessor Utilities Individual Electric MetersIndividual Gas MetersPublic Utilities Water Public Zoning R1

© 2022 MLSListings Inc. All rights reserved. Listing provided courtesy of Eric Katz of Katz Inc.


© 2022 MLSListings Inc. Based on information from MLSListings MLS as of 2022-01-26T16:48:54.817. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. DX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Paymon Real Estate Group.

Licensed in the State of California.
 
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