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Discover an extraordinary opportunity in Palo Alto's vibrant midtown: a sprawling 21k sq ft property, one of the area's largest and most desirable lots. This unique offering includes 4 charming cottages: three 2-bed, 1-bath, and one 1-bed, 1-bath homes, complete with 5 garages, blending cozy living with vast development potential. Just got voted and approved for subdivision into two 10k sq ft lots, the site is ripe for the creation of two luxurious single-family homes, potentially spanning 5,000 sq ft each. The flexibility extends to the option of constructing two 4,000 sq ft main residences plus two expansive 1,200 sq ft ADUs, potentially leveraging the latest AB 1033 bill allowing ADUs to be sold as separate condos. This opens the door to transforming the property into four distinct units, with a resale value potential of $15-20M. The proposed development offers an exceptional profit margin, all within a prime location near Stanford University, Downtown Palo Alto, and top rated schools.
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Unit No | Unit Key | Total Bath | Total Bed | Full Bath | Half Bath |
---|---|---|---|---|---|
1 | 1063467925 | 0 | 2 | 0 | 0 |
2 | 1063467925 | 0 | 1 | 0 | 0 |
3 | 1063467925 | 0 | 2 | 0 | 0 |
4 | 1063467925 | 0 | 2 | 0 | 0 |
Total Baths: 0
Water Source : Public
Sewer : Public Sewer
Roof : Composition,Shingle
Property Appliances: Dishwasher,Disposal,Refrigerator
Flooring: Carpet,Laminate,Stone,Tile,Wood
None
Air Conditioning
Wall Furnace
Has Heating
Year Built: 1947
Building Area Total: 3,276
Roof: Composition,Shingle
Slab
Other
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.4772
Lot Size Source: Other
Lot Size Square Feet: 20788
Original List Price: 6,298,000
Listing Contract Date: 2024-03-18
Listing Agreement: Exclusive Right To Sell
Parcel Number: 12702006
Annual Tax: 62403
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: 699 - Not Defined
Directions: Cross Street: Greer
Zoning: R1
Source Property Type: Residential Income
Area: 699 - Not Defined
Property SubType: Quadruplex
Property Age: 77
Structure Type: Quadruplex
Year Built Source: Assessor
Total Square Feet Living: 3276
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
883 Rorke Way, Palo Alto, CA,94303 | $5,450,000 | 5 | 3 | 3,425 | 7448.76 Sqft |
3117 Maddux Dr, Palo Alto, CA,94303 | $2,499,888 | 3 | 3 | 2,393 | 7200 Sqft |
3401 Kenneth Drive, Palo Alto, CA,94303 | $2,850,000 | 4 | 2 | 1,674 | 8400 Sqft |
1033 Amarillo Avenue, Palo Alto, CA,94303 | $6,298,000 | 7 | 4 | 3,276 | 20788 Sqft |
1031 Amarillo Avenue, Palo Alto, CA,94303 | $3,150,000 | 4 | 2 | 1,720 | 10668 Sqft |
3751 Klamath Lane, Palo Alto, CA,94303 | $1,524,000 | 2 | 2 | 1,130 | -- |
538 Rhodes Drive, Palo Alto, CA,94303 | $6,988,000 | 6 | 5 | 4,950 | 7935 Sqft |
522 Jackson Drive, Palo Alto, CA,94303 | $3,850,000 | 4 | 3 | 2,054 | 6287 Sqft |
2391 Carmel Drive, Palo Alto, CA,94303 | $2,688,000 | 4 | 2 | 1,527 | 6000 Sqft |
2450 W Bayshore Road #7, Palo Alto, CA,94303 | $1,188,000 | 3 | 2 | 1,134 | -- |
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ByOwner last updated this listing 04/28/2024 @ 22:34
MLS: ML81958081
SOURCE: CRMLS
Buyer Agency Compensation: 2.5%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.