1061 Alma St, Palo Alto, CA 94301

$6,250,000
2,577
SqFt
List Price
$6,250,000
MLS#
ML81869608
Status
ACTIVE
Zoning
R1
Sqft. of Residence
2,577
Lot Size
10,500
Listing 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 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.

Additional Information

Acres
0.241
Age
56
Cooling System
None
Foundation
Concrete Perimeter and Slab
Garage Parking
Carport, Uncovered Parking
Heating System
Gas
Living Area
2,577
Lot Size
10,500
Neighborhood
Professorville
Other Utilities
Individual Electric Meters, Individual Gas Meters, Public Utilities
Roof
Composition, Shingle
Sewer
Sewer - Public
Special Features
Parking, Wheelchair Access
Total Number Of Units
4
Unincorporated Yn
Yes
Zoning
R1

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
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Calculator source: Real Geeks

Listing courtesy of Eric Katz from Katz Inc

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