997 Ilima Way, Palo Alto, California 94306, Palo Alto, 94306 - 4 bed, 2 bath
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Palo Alto, California 94306
This Renovated Barron Park Residence is a Strong Value Opportunity, listed at $2,990,000—positioned well below the $3,121,755 Fair Market Value by 4%. This valuation gap provides $131,755 in Instant Equity. Boasting a Condition Rating of 3, the home is move-in ready with updated wood flooring, central A/C, and a private patio. The expansive 8,756 sq. ft. lot offers significant expansion potential near top-rated Henry M. Gunn High School. This is an exceptional acquisition for Owner-Occupants or Value-Driven Buyers seeking a premier Palo Alto lifestyle.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 997 Ilima Way Subject | $2,990,000* List Price | 4 | 2 | 1,478 | $2,112 | - |
A 225 W Meadow Drive Sold | $2,830,000 | 3 | 2 | 1,680 | $1,685 | 1.0 mi |
B 315 W Meadow Drive Sold | $3,456,000 | 4 | 2 | 1,710 | $2,021 | 0.9 mi |
C 410 Wilton Avenue Active | $2,998,000 List Price | 4 | 2 | 1,694 | $1,770 | 0.9 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
While built in 1960, the home has undergone significant interior renovations within the last 5-15 years, featuring modern shaker-style cabinetry, updated wood flooring, and recessed lighting. The property is move-in ready with functional systems including central A/C and recently upgraded insulation.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 8756, living area = 1478.
High School: Henry M. Gunn High School (9/10).
Situated in the highly sought-after Barron Park neighborhood, this home is within walking distance to top-rated Henry M. Gunn High School and three local parks, offering an exceptional lifestyle for families.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =8756, other record lot size in square feet = 7455.
With only 1,478 square feet of living area for a 4-bedroom configuration, the individual room sizes and common areas may feel constrained for larger families.
Built in 1960, the home's original layout and mid-century infrastructure may require further modernization to meet the aesthetic and functional expectations of luxury buyers in the Palo Alto market.
Walking distance to Gunn High School! Walking distance to three parks!!(Cornelis Bol Park, Juana Briones Park, Barron Park donkeys). This extremely quiet single-family residence sits on an expansive 8,700+ sq ft lot in the highly sought-after Barron Park neighborhood of Palo Alto, rarely available. Move-in ready, this bright 4-bedroom, 2-bathroom home features wood flooring, a spacious family room, and abundant natural light throughout. Recent upgrades include new insulation, enhancing both comfort and energy efficiency. Additional highlights include central A/C and a two-car garage. Ideally located near top-rated Palo Alto schools and Highway 280, offering easy access to major Silicon Valley tech campuses. Set among picturesque tree-lined streets in a warm and welcoming neighborhood, this home presents a rare opportunity to experience the quintessential Palo Alto lifestyle. A truly special offering not to be missed.
No exterior & parking available.
Grades K-5 • 0.3 mi
Grades K-5 • 0.3 mi
Grades 6-8 • 0.6 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 4.0 | 50% |
| Baths | 2.0 | 2.5 | 50% |
| Square foot | 1,478 | 1,793.5 | 24% |
| Lot Size | 8,756 | 7,200 | 88% |
| Price | $2.99M | $3.50M | 21% |
| Price per sq ft | $2.0K | $2.0K | 59% |
| Built year | 1960 | 1953 | 65% |
| HOA | $0 | $0 | 50% |
| Days on market | 7 | 120 | 3% |
Apr 15, 2026
$2,990,000
Initial Listing
Sep 15, 2023
$2,900,000
Public Record