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Jessamine Walker

jessamine@walkerpropertygroupca.com +1(949) 241-2927

$ 10,500,000

Est. payment | -/mo

0.34 Acres Lot

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$ 10,500,000

Est. payment | -/mo

Save Virtual Tour

0.34 Acres Lot

Key Details

Property Type Commercial

Listing Status Pending

Purchase Type For Sale

MLS Listing ID ML82054084

HOA Y/N No

Year Built 1927

Annual Tax Amount $126,942

Lot Size 0.344 Acres

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 699 - Not Defined

Zoning RM5

Interior

Heating Electric

Cooling None

Fireplace No

Exterior

Roof Type Bitumen,Tile

Building

Lot Description Level

Water Public

Schools

Elementary Schools Other

Middle Schools Other

High Schools Palo Alto

School District Palo Alto Unified

Others

Tax ID 12003059

Special Listing Condition Standard

Virtual Tour https://530webster.com

CRMLS Full IDX Feed (MAIN Website Search)

Listed by Kelly Griggs Coldwell Banker Realty #01812313

Nearby Locations

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(949) 241-2927

jessamine@walkerpropertygroupca.com

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530 Webster ST Palo Alto, CA 94301