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.
MLS #
ML81958081
MLS Source
MLSListings, Inc.
Days on Site
74
Buyer's Brokerage Compensation*
2.50%
Kitchen
Countertop - Solid Surface / Corian
Appliances
Dishwasher, Garbage Disposal, Oven Range - Gas, Refrigerator, Washer/Dryer
Flooring
Carpet, Hardwood, Laminate, Stone, Tile
Cooling
None
Heating
Wall Furnace
Roof
Composition, Shingle
Foundation
Slab
Garage/Parking
Attached Garage, Detached, Garage: 5 Car(s)
Elementary District
Palo Alto Unified
High School District
Palo Alto Unified
Sewer
Public Sewer
Water
Public
Zoning
R1
# Buildings | # Leased Units | # Total Units |
---|---|---|
4 | 3 | 4 |
Unit # | Sq Ft | Beds | Baths | Rent |
---|---|---|---|---|
1 | 860 | 2 | 1/0 | $3,995 |
2 | 860 | 2 | 1/0 | $3,950 |
3 | 700 | 1 | 1/0 | $3,750 |
4 | 860 | 2 | 1/0 | $3,850 |
1033 Amarillo Ave is a Residential Income in Palo Alto, CA 94303. This 3,276 square foot property sits on a 0.477 Acres Lot and features – bedrooms & – full bathrooms. It is currently priced at $6,298,000 and was built in 1947.
This address can also be written as 1033 Amarillo Ave, Palo Alto, CA 94303.©2024 MLSListings Inc. All rights reserved. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Information provided is for personal, non-commercial use by the viewer and may not be redistributed without explicit authorization from MLSListings Inc.
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* The offer of compensation is made subject to the MLS rules where the listing is filed. Please contact your agent for any questions concerning this subject matter.
This listing information is up-to-date as of May 21, 2024. For the most current information, please contact Wen Guo RE Group, (650) 817-5000