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Listed by Joel Hopman • Newmark Cornish & Carey, DRE#01934574
$6,300,000
Est. payment /mo
7,200 Sqft Lot
UPDATED:
Key Details
Property Type Vacant Land
Sub Type Residential Development Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82054496
Lot Size 7,200 Sqft
Property Sub-Type Residential Development Land
Property Description
340 Palo Alto Avenue consists of a charming single-story 2 bed 1 bath home on a +/- 0.2 acre lot with rare development potential in prime North Downtown Palo Alto. Ownership has filed an SB79 application to develop a 3-story, 6-luxry condo project. The +/- 1,500-1,550 sq. ft. 3 bedroom 3.5 bath premium condos will feature large terraces overlooking the tree-lined San Francisquito Creek. The property will feature a lobby entry with an elevator, two stairwells, privatized storage for each unit, at-grade parking, an interior trash/recycling room, all-electric service, and an attractive exterior façade consisting of painted brick and wood elements, a nod to its contemporary and greenbelt surroundings. Additionally, an option may exist to add a 7th penthouse suite unit which would be a larger +/- 1,800 sq. ft. residence on its own floor, with spectacular views. The property feeds to the #1 ranked school district in California; Addition Elementary, Greene Middle and Palo Alto High schools. The amenity-rich location is convenient to retail and restaurant options of University Avenue and Stanford Shopping Center, Caltrain Station, major transportation arteries, and world-class Silicon Valley employers.
Location
State CA
County Santa Clara
Area Downtown Palo Alto
Zoning R1
Exterior
Fence None
Utilities Available Public Utilities
Present Use Single Family
Building
Lot Description Grade - Level, Regular
Sewer Sewer - Public
Water Public
Others
Tax ID 120-12-045
Horse Property No
Special Listing Condition Not Applicable
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