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2609 Alma St 4 Unit Apartment Building $2,500,000 ($625,000/Unit) Palo Alto, CA 94306
Executive Summary
Fixer-Upper Opportunity in the Heart of Midtown Palo Alto
2609–2617 Alma Street presents a rare chance to acquire a 4-unit multifamily property in one of Silicon Valley's most sought-after residential neighborhoods. Located steps from the California Avenue Caltrain Station, the vacant property offers an investor a clear path to renovation and full market-rate stabilization —with meaningful upside in a fundamentally supply-constrained market.
• 4 units (2BR/1BA each) —ideal for a renovation-and-hold strategy
• 8,070 SF lot in RM-30 —maximum 5 units per current zoning
• Fully vacant —no tenant relocation costs or rent control obligations
• True “Fixer-Upper”. Property needs substantial renovation to bring it up to rentable condition, and is priced accordingly!
• Redevelopment path also available - Approved development entitlement for 4 detached 3-story townhomes (contact agents for details)
• Carport parking (4 spaces) —1 per unit
• Mostly dual-pane windows throughout
• Concrete slab foundation with wood siding exterior
2609–2617 Alma Street presents a rare chance to acquire a 4-unit multifamily property in one of Silicon Valley's most sought-after residential neighborhoods. Located steps from the California Avenue Caltrain Station, the vacant property offers an investor a clear path to renovation and full market-rate stabilization —with meaningful upside in a fundamentally supply-constrained market.
• 4 units (2BR/1BA each) —ideal for a renovation-and-hold strategy
• 8,070 SF lot in RM-30 —maximum 5 units per current zoning
• Fully vacant —no tenant relocation costs or rent control obligations
• True “Fixer-Upper”. Property needs substantial renovation to bring it up to rentable condition, and is priced accordingly!
• Redevelopment path also available - Approved development entitlement for 4 detached 3-story townhomes (contact agents for details)
• Carport parking (4 spaces) —1 per unit
• Mostly dual-pane windows throughout
• Concrete slab foundation with wood siding exterior
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | - | 600 |
1 1
Fairly walkable
50/100
Moderately drivable
70/100
Good public transit
60/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 132-25-057 | Improvements Assessment | $0 |
| Land Assessment | $3,855,101 | Total Assessment | $3,855,101 |
Property Taxes
Parcel Number
132-25-057
Land Assessment
$3,855,101
Improvements Assessment
$0
Total Assessment
$3,855,101
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2609 Alma St
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