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505 Runnymede Street C, East Palo Alto, California 94303, East Palo Alto, 94303 - 5 bed, 7 bath

505 Runnymede Street C, East Palo Alto, California 94303 home-pic-0
ACTIVE$3,900,000
505 Runnymede Street C, East Palo Alto, California 94303
5Beds
7Baths
2,880Sqft
22,341Lot
Year Built
1926
Close
-
List price
$3.9M
Original List price
$3.9M
Price/Sqft
$1,354
HOA
-
Days on market
-
Sold On
-
MLS number
ML82017240
Home ConditionPoor
Features
Pool
View-

About this home

We found 3 Cons,6 Pros. Rank: price - $3.90M(78th), sqft - 2880(86th), beds - 5(84th), baths - 7(98th).

This is a "Single Family Residence" with a pool and a 600 sq. ft. pool house. it includes a permitted 960 sq.ft.2nd (auxiliary) unit. there are also 3 studio units attached to the main house with separate entrances and baths. The lot is subdividable and the sewer line has been re-routed to facilitate subdivision. A smart buyer might occupy the rear half of lot while developing the front portion. The swimming pool is operational but was filled with gravel for safety purposes, due to the presence of small children. It can be recommissioned 100% at buyer request. Income potential of over $11,000/mo. if you include rental of main unit. This property is close to everything on the peninsula and is ripe for development in the new EAST PALO ALTO! All boats and debris to be removed.

Nearby schools

3/10
Costano Elementary School
Public,•K-8•0.7mi
7/10
Menlo-Atherton High School
Public,•9-12•1.8mi

Price History

Date
Event
Price
08/07/25
Listing
$3,900,000
Condition Rating
Poor
Built in 1926, this property is very old with no indication of recent major renovations. The listing explicitly states that 'significant updates to its core systems and infrastructure' are likely required, and 'boats and debris to be removed' suggests a lack of maintenance and significant cleanup needed. The pool is filled with gravel, indicating it's not ready for use. While generating income, the property's value is heavily tied to its development potential rather than the condition of its existing structures. Without interior photos, it's safe to assume the kitchen and bathrooms are severely outdated and in poor condition, requiring substantial repairs and rehabilitation to meet modern standards.
Pros & Cons

Pros

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 = 22341, living area = 2880.
Exceptional Income Potential: The property offers significant rental income potential, projected at over $11,000/month, supported by multiple permitted units including an auxiliary unit, three studio units, and a pool house.
High Development & Subdivision Value: A large, subdividable lot with pre-routed sewer lines explicitly designed for future development, presenting a substantial opportunity for value appreciation in a growth-oriented area.
Strategic Peninsula Location: Located in East Palo Alto, the property benefits from its close proximity to major tech employment centers and amenities, enhancing its desirability and investment appeal.
Versatile Multi-Unit Configuration: The presence of a main residence, a permitted auxiliary unit, and three attached studio units provides flexible options for multi-generational living, owner-occupancy with income, or a pure investment strategy.
Expansive Lot Size: The generous 22,341 sq. ft. lot offers considerable space for current use, potential expansion, or future subdivision, maximizing its long-term utility and value.

Cons

Property Age & Potential Upgrades: Constructed in 1926, the main structure may require significant updates to its core systems and infrastructure, potentially leading to considerable renovation costs for a modern standard.
Immediate Pool Recommissioning Cost: While operational, the swimming pool is currently filled with gravel and requires the buyer to incur costs and effort for its recommissioning, representing an immediate expense.
Current Condition & Cleanup Required: The description indicates the presence of 'boats and debris' that need removal, suggesting the property may not be in a move-in ready state and will require significant cleanup efforts.

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