1061 Alma St, Palo Alto, CA 94301

Property Description

1061 Alma Street is a rare investment opportunity in the coveted historic Professorville district in Palo Alto. This pride of ownership asset is 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 facilitates the passage of high-density housing redevelopments and allows cities to forego environmental review and 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. There is also potential to split the lot into two parcels, creating further development appeal. Buyer to verify development potential with city and local ordinances.