246 Palo Alto Avenue, Palo Alto, California 94301, Palo Alto, 94301 - 1 bed, 1 bath
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246 Palo Alto Avenue
Palo Alto, California 94301
ACTIVE
CONDITION: TEAR DOWN
1Beds
1Baths
1,020Sq Ft
7,150Lot Size
Property Price
LIST PRICE$3,750,000
EST. MARKET VALUE
$3,677,278
SUMMARY
This property presents a High-Potential Investment Opportunity with a List Price of $3,750,000. While currently priced slightly above the $3,677,278 Fair Market Value, the asset offers significant upside through its City-Approved Architectural Plans for a 4,365 SF luxury residence. With a Condition Rating of 6, the value lies in the 7,150 SF lot and prime location near Palo Alto High School. This is a strategic acquisition for Real Estate Developers or Custom Home Builders seeking to capitalize on downtown transit-oriented density.
Estimated Market Value
$3,677,278
Based on Realkey algorithm analyzing recent comparable sales in Palo Alto.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Tear down
TeardownExcellent
Property is land value only, full reconstruction required.
Built in 1923, this property is explicitly marketed as a 'development opportunity' with city-approved plans for a new 4,365 SF luxury residence. While the interior appears staged, the 100+ year age, dated kitchen/systems, and $3.75M price point for a 1-bedroom cottage indicate the value is strictly in the land and development potential.
PROSSTRENGTHS & OPPORTUNITIES
- High Available Lot Utilization
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 7150, living area = 1020.
- Great Schools
High School: Palo Alto High School (9/10).
- Prime Downtown Location
Situated just three blocks from University Avenue and Caltrain, the property offers exceptional walkability to world-class dining, shopping, and major Silicon Valley employment hubs.
CONSRISKS & DEFICIENCIES
- Limited Existing Utility
The current 1923 structure is small and sold in 'as-is' condition, providing little immediate residential value and necessitating a full redevelopment to realize the property's potential.
- Significant Capital Requirement
With a list price of $3.75M for the land alone, the project requires substantial additional liquidity for construction and carrying costs, narrowing the pool of viable buyers.
About 246 Palo Alto Avenue
RARE DOWNTOWN NORTH DEVELOPMENT OPPORTUNITY | Exceptional ±7,150 SF site just 3 blocks from University Ave and Downtown Palo Alto Caltrain offers multiple paths to create significant value. City-approved architectural plans envision an approx. 4,365 SF modern 3-level luxury residence with 4BD/3.5BA + attached JADU, expansive entertaining spaces, basement great room, wine room and indoor/outdoor living. The property's exceptional proximity to Caltrain may also provide compelling potential for higher-density transit-oriented residential development under evolving state and local regulations. Rare opportunity for an end-user, builder, developer or investor near Downtown Palo Alto, Stanford and major Silicon Valley employment centers. Existing improvements convey as-is. Buyer to independently verify current zoning, density, unit count, parking, SB 79/AB 2097 applicability and all development standards with the City of Palo Alto.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1923
- Lot Size
- 7,150 Sq. Ft.
Interior
- Total Bedrooms
- 1
- Total Bathrooms
- 1 (1 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Palo Alto Unified Schools
Addison Elementary School
Grades K-5 • 0.9 mi
7/10
David Starr Jordan Middle School
Grades 6-8 • 1.9 mi
8/10
Palo Alto High School
Grades 9-12 • 0.9 mi
9/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 1.0 | 3.3 |
| Baths | 1.0 | 2.0 |
| Square foot | 1,020 | 1,689.34 |
| Lot Size | 7,150 | 7,261.56 |
| Price | $3.75M | $3.84M |
| Price per sq ft | $3.7K | $2.2K |
| Built year | 1923 | 1951 |
| HOA | $0 | $0 |
| Days on market | 12 | 30 |
Pricing History
Listed for Sale
Aug 28, 2026
$3,750,000
Initial Listing
Sold
Jul 16, 2024
$2,565,000
Public Record