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Listed by Kelly Griggs • Coldwell Banker Realty
$ 10,500,000
Est. payment | /mo
11,035 SqFt
$ 10,500,000
Est. payment | /mo
11,035 SqFt
Open House
Thu Jul 16, 11:00am - 1:00pm
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 11,035 sqft
Price per Sqft $951
MLS Listing ID ML82054084
HOA Y/N No
Year Built 1927
Lot Size 0.344 Acres
Property Sub-Type Other
Source Datashare MLSListings
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
Interior
Heating Electric
Cooling None
Flooring Laminate
Fireplace No
Appliance Dishwasher, Refrigerator
Building
Lot Description Level
Water Public
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Cara R. Cavanaugh
REALTOR® | Lic# 02053422