630 University Ave, Palo Alto , CA 94301
Prestigious Downtown Palo Alto Owner User/Investment Opportunity - Office/Medical Office & 3BD/1BTH Residential Unit. Extremely high barrier to entry market, located at the end of University Avenue in Downtown Palo Alto. Palo Alto, known as the “Birthplace of Silicon Valley,” is home to 69,700 residents and nearly 100,000 jobs. As the global center of technology and innovation, Palo Alto is the corporate headquarters for many world-class companies and research facilities such as VMWare, Hewlett-Packard, and Tesla. Home to Stanford University and a top-ranked public school system, Palo Alto also features beautiful and historic residential neighborhoods, vibrant shopping and retail districts.
Rare opportunity for an owner user/investor to acquire this 3,624 SF office/residential building on University Avenue with live work potential to occupy the office building and live in the residential unit. The property will be delivered vacant at close of escrow, 100% of the building will be vacant by July 1st, 2024. The property has 3 units, Unit A & B are office/medical office units and Unit C is a 3-bedroom/1-bathroom residential unit with a charming outdoor yard and access from University Avenue and Byron Street. All 3 units are connected, Sellers have closed off the doors to separate the units allowing for a single tenant or multi-tenant opportunity. Large very well maintained basement which is not included in the building square footage. The property is situated on a 5,000 square foot lot on the corner of University Avenue and Byron Street with 2 parking spaces on the Byron Street side of the property. The property is in the RM-40 residential multi-family zoning designation, but the Sellers have owned and occupied this building as a medical office for 30+ years allowing for the office/medical office use to continue here at the property as legal non-conforming. Permitted uses in the RM-40 zoning designation include multiple-family residential, residential care home, second dwelling unit, single-family residence, two-family residence, day care center, day care home (large adult, small adult, large family, or small family), and office/medical office uses are permitted as legal non-conforming. RM-40 high density multiple-family residence zoning district, which is a high density multiple-family district intended to create, preserve and enhance locations for apartment living at the highest density deemed appropriate for Palo Alto. Permitted densities in the RM-40 residence district range from 31-40 dwelling units per acre. Extremely strong demographics with household incomes in excess of $199,000 in a 1-mile radius.
David provides his clients with strategic advice to help create and grow wealth through commercial real estate investments.