510 Waverley Street, Palo Alto, California 94301, Palo Alto, 94301 - 0 bed, 0 bath
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510 Waverley Street
Palo Alto, California 94301
ACTIVE
CONDITION: FAIR
0Beds
0Baths
2,570Sq Ft
4,895Lot Size
Property Price
LIST PRICE$3,450,000
EST. MARKET VALUE
$3,315,759
4% AboveMARKET VALUE
SUMMARY
This mixed-use property presents a High-Potential Investment Opportunity with a List Price of $3,450,000—positioned slightly above the $3,315,760 Fair Market Value. Despite the premium, the CD-C(P) Zoning and historical upgrade bonus allow for an additional 2,500 square feet of residential space, offering significant forced appreciation. With a Fair Condition Rating, the property requires cosmetic renovations to maximize rental yields. Featuring 7 exclusive on-site parking stalls and a prime location in the Palo Alto Unified School District, this is an ideal acquisition for Buy-and-Hold Investors or Commercial Developers.
Estimated Market Value
$3,315,759
Based on Realkey algorithm analyzing recent comparable sales in Palo Alto.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 510 Waverley Street Subject 0 bd · 0 ba · 2,570 sqft · $1,290 | $3,450,000* List Price | 0 | 0 | 2,570 | $1,290 | - |
A 207 Hawthorne Avenue Active 0 bd · 0 ba · 3,142 sqft · $1,270 · 0.4 mi | $3,990,000 List Price | 0 | 0 | 3,142 | $1,270 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Fair
TeardownExcellent
Property is moderate renovation needed.
Built in 1900, this historical mixed-use property is well-maintained externally and features central HVAC, but the listing explicitly identifies it as a value-add opportunity requiring 'historical upgrades' and 'cosmetic renovations.' The age and need for updates to the interior and potential residential conversion place it in the fair category.
PROSSTRENGTHS & OPPORTUNITIES
- Significant Value-Add Potential
The CD-C(P) zoning and historical upgrade bonus allow for an additional 2,500 square feet of residential space, offering a rare opportunity to nearly double the building's usable square footage.
- Rare On-Site Parking
The inclusion of 7 exclusive on-site parking stalls provides a massive competitive advantage in high-density downtown Palo Alto, where parking is typically scarce and highly valued.
- Premier Downtown Location
Situated in the heart of downtown Palo Alto and served by the elite Palo Alto Unified School District, the property ensures long-term asset appreciation and high tenant demand.
CONSRISKS & DEFICIENCIES
- Historical Maintenance Requirements
Built in 1900, the property likely requires substantial capital investment for historical preservation and modern cosmetic renovations to achieve top-tier market rental rates.
- Development Complexity
Realizing the property's full potential involves navigating complex historical upgrade regulations and residential conversion permitting, which can lead to extended timelines and high soft costs.
About 510 Waverley Street
Located in downtown Palo Alto, this mixed-use property is zoned CD-C(P) which allows for the second floor to be converted into residential. Ground floor is 2,570 square feet and leased to one office tenant and one retail tenant. Take advantage of up to 2,500 bonus square feet completing a historical upgrade to the building and use the bonus square footage to build out a residential unit on the second floor. The property is served by the Palo Alto Unified elementary school district. The building features central forced air heating and central air conditioning for year-round comfort. Notably, there is an exclusive parking area behind the building for 7 on site parking stalls. This property provides a value add opportunity for an investor interested in expanding the square footage of the property with a second floor residential unit, improving the ground floor rental rate with fresh cosmetic renovations.
Property Details
Public Facts
- Property Type
- Mixed Use
- Year Built
- 1900
- Lot Size
- 4,895 Sq. Ft.
Interior
- Total Bedrooms
- 0
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 2,570 | 3,940 |
| Lot Size | 4,895 | 5,625 |
| Price | $3.45M | $3.61M |
| Price per sq ft | $1.3K | $916 |
| Built year | 1900 | 1904 |
| HOA | $0 | $0 |
| Days on market | 10 | 31 |
Pricing History
Listed for Sale
Oct 14, 2026
$3,450,000
Initial Listing