21
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$4,800,000
Est. payment /mo
0.29 Acres Lot
Open 8/21 10AM-1PM
500 Palo Alto AVE Palo Alto, CA 94301
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OPEN HOUSE
Thu Aug 21, 10:00am - 1:00pm
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Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82017965
HOA Y/N No
Year Built 1958
Annual Tax Amount $57,482
Lot Size 0.287 Acres
Property Description
True trophy asset in irreplacable downtown Palo Alto location. Excellent Unit Mix: (6) Two-Bedroom / One-Bath & (2) One-Bedroom / One-Bath Units. Numerous recent upgrades including interior updates to at least half of the units with updated kitchen countertops and bathrooms. Beautiful pool and courtyard area. Solid in-place rents with plenty of upside potential through additional unit renovations. Forced Air Heating in every unit, many furnaces replaced in the past few years. Recent replacement of water heaters (2023+2025). All copper plumbing. New composition shingle roof installed in 2010. Garage parking for all tenants. Laundry facility on-site. Add 2 ADUs. Convert the garage parking into two new ADU units to add income and value. Incredible location in one of the most prestigious and supply-constrained submarkets of Silicon Valley walking distance to all the shopping, dining & entertainment amenities on University Avenue. The property benefits from its proximity to downtown Palo Alto, Stanford University, and top employers such as Google, Meta, and Palantir, making it highly attractive to both residents and investors. Demand for quality housing in this submarket remains consistently strong due to limited new development and exceptionally high barriers to entry.
Location
State CA
County Santa Clara
Area 699 - Not Defined
Zoning R1
Interior
Heating Forced Air
Cooling None
Fireplace No
Exterior
Roof Type Composition
Total Parking Spaces 8
Building
Water Public
Schools
School District Palo Alto Unified
Others
Tax ID 12009021
Security Features Security Lights
Special Listing Condition Standard
Listed by Matthew Thomson Compass