1061 Alma ST

Palo Alto, CA, 94301

$5,950,000

$2,308 per ft²
$5,950,000
$2,308 per ft²
Active
Active
 - For Sale
carpenters-square
2,577 ft²
property_type
Multi-family
calendar
Built 1965
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.
MLS® ID:
ML81869608
Listed:
11/8/21
Updated:
5/20/22

Interior Features

Total Bedrooms
0
Total Bathrooms
0
Cooling
None

Exterior/Building Features

Lot Size
10,500 ft² lot
Roof
Composition, Shingle
Sewer
Sewer - Public

School Information

School District
Palo Alto Unified

Other Property Details

Area Name
Professorville
Taxes
$71804
Tax Frequency
per YEAR
Attached Garage
Yes
Parking
Carport, Uncovered Parking
View
N
County
Santa Clara
Utilities
Individual Electric Meters, Individual Gas Meters, Public Utilities
Water Source
Public
Total Stories
1
Zoning
R1

Property History

Date
Event
Price
Value
1/10/22
Price Change
$5,950,000
-4%
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