2611 Alma St 2611 Alma St Immeuble residentiel 4 lots À vendre Palo Alto, CA 94306

RealSmart Properties, as the exclusive listing broker, presents the opportunity to acquire 2609–2617 Alma Street, Palo Alto. Delivered 100% vacant, this offering provides three clear paths to value on an approximately 8,070 SF lot, just steps from the California Avenue Caltrain Station:
(1) Fixer / Value-Add Multifamily: The property is currently improved with two duplex buildings (four total units), allowing an investor to renovate and reposition immediately to capture Palo Alto’s strong rental demand - without the complexity of relocating tenants.
(2) High-Density Redevelopment Opportunity: The transit-adjacent location and lot size create a compelling opportunity to pursue a higher-density infill strategy under current housing laws with potential for 6-8 single family homes. (e.g., maximizing unit count and overall buildable square footage, subject to buyer verification and City approvals).
(3) Leverage Existing Approved Plans: For developers seeking a more defined path, there is an existing fully designed, planning-approved project (approval expires November 2026) for four detached townhouses designed by John Lum Architecture. The concept features contemporary three-story residences with rear yards, open-concept living spaces, 3 bedrooms, 2.5 bathrooms (including a top-floor primary suite), private patios on all three levels, and two covered parking spaces per unit, totaling approximately 4,800 SF of proposed living area.
In a supply-constrained, high-demand Palo Alto submarket, 2609–2617 Alma Street offers rare flexibility, renovate and lease the existing four-unit asset, pursue a higher-density redevelopment, or execute on approved plans in a premier, transit-oriented location.