UA-138051460-1
Address
1061 Alma ST Palo Alto, CA
Price
$ 6,250,000
Property Attributes
  • MLS#ML81869608
  • TypeIncome
  • CountySANTA CLARA
  • CityPalo Alto
  • AreaProfessorville
  • Zip94301
  • Style
  • Price$ 6,250,000
  • Bedrooms4
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage2577
  • Lot Size10,498 SqFt
Listing Provided Courtesy Of:
Eric Katz with Katz Inc.
Data Source:
MLSListings - 40 - CA
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 into effect 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.

Price History
11/9/2021 Listed $6,250,000

General Features

# of Buildings 2
Accessibility Parking, Wheelchair Access
Age 56
City PALO ALTO
Cooling None
County Santa Clara
Heating Gas
Listing Agent State License 01900078
MLS Area Professorville
Property SubType Fourplex
Property Type Residential Income (2-4 units)
Roof Composition, Shingle
Security Features None
Special Listing Conditions Not Applicable
Status Active
Utilities Individual Electric Meters, Individual Gas Meters, Public Utilities
Water Public
Year Built 1965
Zoning Text R1

Interior Features

Building Unit Total 4
Living Sqft 2577
Unit 1 Rent 3900
Unit 2 Approx Square Footage 645
Unit 2 Number Of Bedrooms 1
Unit 3 Approx Square Footage 645
Unit 4 Approx Square Footage 642

Exterior Features

Building Area Total 2577
Foundation Details Concrete Perimeter and Slab
Horse Property No
Lot Acres 0.2410
Lot Size Area 10500.00
Lot Size Units Square Feet
Maximum Lot Size 10500.00
Meters Master Water, Separate Electric, Separate Gas
Parking Features Carport, Uncovered Parking
Parking Spaces 4
Sewer/Septic Sewer - Public

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Income Average in 94301

Price
AVG $10.63M
$6.25M
Visits
AVG 6
2
Year Built
AVG 1956
1965

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