Additional details

JLee Broker

[email protected] +1(650) 857-1000

Listed by Kelly Griggs, DRE #01812313 • Coldwell Banker Realty

$10,500,000

Est. payment - /mo

3 Beds

4 Baths

11,035 SqFt

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Key Details

Property Type Multi-Family, Commercial

Sub Type Five or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 11,035 sqft

Price per Sqft $951

MLS Listing ID ML82054084

Bedrooms 3

Full Baths 4

Year Built 1927

Lot Size 0.344 Acres

Property Sub-Type Five or More Units

Source MLSListings, Inc.

Property Description

A rare 16-unit trophy asset in the heart of Downtown Palo Alto. This stunning 1920s-era Spanish Colonial Revival building sits on a generous 15,000 SF lot with 11,035 SF of building area, half a block from University Avenue's renowned dining, shopping, and retail - an A+ location that speaks for itself. The unit mix features 9 1-bed/1-bath units and 7 oversized studios, almost all with updated kitchens and baths, and in-unit laundry in all large 1-bedroom units. The property is a showpiece: tile roofline, stucco exterior, arched windows/doorways, wrought-iron, and a lushly landscaped courtyard centered on a classic tiered fountain - the kind of building people stop to photograph. Ownership invested ~$1.3M in capital improvements in 2019, including new 400 AMP electrical panel, updated interior sub-panels, copper plumbing, Romex wiring, and exterior stucco refresh. 8 onsite garages, add'l storage, and dedicated laundry room. Recently signed June 2026 leases confirm market rents are achievable. Rarely does a property like this come to market - an architectural beauty in an irreplaceable location, offering stable in-place cash flow, proven rent upside, and the kind of curb appeal that simply can't be built today. A true once-in-a-generation opportunity for the discerning investor!

Location

State CA

County Santa Clara

Area Downtown Palo Alto

Zoning RM5

Rooms

Kitchen Appliances - Vary by Unit, Cooktop - Electric, Countertop - Synthetic, Dishwasher, Oven Range - Built-In, Refrigerator

Interior

Heating Electric

Cooling None

Flooring Carpet, Laminate

Laundry Washer/Dryer - Some Units

Exterior

Parking Features Detached Garage, Leased Parking, On Street

Utilities Available Public Utilities

Roof Type Bitumen,Tile

Building

Lot Description Grade - Level

Foundation Concrete Perimeter

Sewer Sewer - Public

Water Public

Others

Tax ID 120-03-059

Special Listing Condition Not Applicable

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JLee Broker

+1(650) 857-1000

Broker | License ID: 00851314

Broker License ID: 00851314

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530 Webster ST Palo Alto, CA 94301

JLee Broker

Key Details

Location

Rooms

Interior

Exterior

Building

Others

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