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355 FIRST 355 1st St 1,250 SF Retail Building Los Altos, CA 94022 For Sale
Investment Highlights
- Fully entitled and ready-to-issue permits, delivering “shovel-ready” status.
- Comprehensive amenities: rooftop lounges, barbeque areas, landscaped courtyard, and private dog park.
- Prime Los Altos location with an 89 Walk Score and easy access to major tech employers, including Google, Apple, and Meta.
- Premium 50-unit luxury scale with an advantageous mix of 2- and 3-bedroom units.
- Parking infrastructure featuring 113 EV-ready spaces with no stackers or puzzle lifts.
- Projected returns supported by limited competition and strong market fundamentals.
Executive Summary
355 First Street is a fully entitled, shovel-ready luxury condominium development opportunity in the heart of Los Altos. Located just blocks from the vibrant downtown district, the project offers 50 units with high-end finishes and large-format floor plans. Architectural plans are approved, and RTI permits are expected by mid-April, allowing construction to begin post-closing.
The development features modern four-story construction with premium amenities, including a landscaped central courtyard, rooftop lounges with barbeque areas, and a private dog park. Each residence has access to dedicated parking, including two spaces per unit, guest parking, and bike storage. The project is designed for affluent homeowners, including downsizers seeking low-maintenance luxury and professionals desiring a walkable downtown lifestyle.
Exit pricing is supported by recent sales exceeding $2,050 per square foot, and the limited new supply in the highly affluent Los Altos market enhances pricing power and absorption. The project has strong projected returns with an estimated levered IRR of approximately 17.11%.
The development features modern four-story construction with premium amenities, including a landscaped central courtyard, rooftop lounges with barbeque areas, and a private dog park. Each residence has access to dedicated parking, including two spaces per unit, guest parking, and bike storage. The project is designed for affluent homeowners, including downsizers seeking low-maintenance luxury and professionals desiring a walkable downtown lifestyle.
Exit pricing is supported by recent sales exceeding $2,050 per square foot, and the limited new supply in the highly affluent Los Altos market enhances pricing power and absorption. The project has strong projected returns with an estimated levered IRR of approximately 17.11%.
Property Facts
Sale Type
Investment
Sale Condition
Redevelopment Project
Property Type
Retail
Property Subtype
Freestanding
Building Size
1,250 SF
Building Class
C
Year Built/Renovated
1963/2006
Tenancy
Single
Building Height
1 Story
Building FAR
0.04
Lot Size
0.70 AC
Zoning
CD / R3
Parking
113 Spaces (1.69 Spaces per 1,000 SF Leased)
Frontage
250’ on 1st St
Very walkable
80/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
70/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 167-41-029 | Improvements Assessment | $412,689 |
| Land Assessment | $6,367,248 | Total Assessment | $6,779,937 |
Property Taxes
Parcel Number
167-41-029
Land Assessment
$6,367,248
Improvements Assessment
$412,689
Total Assessment
$6,779,937
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355 FIRST | 355 1st St
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