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640 Waverley St 17,616 SF Vacant Office Building Palo Alto, CA 94301 $12,500,000 ($709.58/SF)
Executive Summary
This offering presents a rare and prestigious opportunity to acquire a fully entitled mixed-use development totaling 17,616 sq. ft. in the heart of downtown Palo Alto — one of the most sought-after addresses in Silicon Valley. Approved through the City’s rigorous Architectural Review Board process and supported by comprehensive technical studies, the project is positioned for immediate execution with entitlements in place.
The approved design features an elegant four-story building that integrates ~2,345 square feet of premium office space with four exclusive residential residences above, complemented by secure below-grade parking. Just steps from University Avenue and Caltrain, this development combines timeless architectural appeal with enduring location value, offering investors a balanced income profile and an exceptional long-term hold in one of the nation’s most supply-constrained and resilient markets.
Situated in the heart of Palo Alto, 640 Waverley Street is a fully entitled, pre-construction mixed-use project. Designed by Birge Clark Award-winning architect Ken Hayes, the property features:
- Four luxury residential units totaling 10,602 sq. ft. with soaring 12-foot ceilings
- Class A commercial office space of 2,369 sq. ft.
- A state-of-the-art 4,645 sq. ft. residential basement
- An 18-foot clearance and concealed parking lift accommodating seven vehicles
Blending modern design with timeless architectural excellence, this project offers both elegance and functionality, making it an unparalleled asset in one of the Bay Area’s most coveted markets.
The approved design features an elegant four-story building that integrates ~2,345 square feet of premium office space with four exclusive residential residences above, complemented by secure below-grade parking. Just steps from University Avenue and Caltrain, this development combines timeless architectural appeal with enduring location value, offering investors a balanced income profile and an exceptional long-term hold in one of the nation’s most supply-constrained and resilient markets.
Situated in the heart of Palo Alto, 640 Waverley Street is a fully entitled, pre-construction mixed-use project. Designed by Birge Clark Award-winning architect Ken Hayes, the property features:
- Four luxury residential units totaling 10,602 sq. ft. with soaring 12-foot ceilings
- Class A commercial office space of 2,369 sq. ft.
- A state-of-the-art 4,645 sq. ft. residential basement
- An 18-foot clearance and concealed parking lift accommodating seven vehicles
Blending modern design with timeless architectural excellence, this project offers both elegance and functionality, making it an unparalleled asset in one of the Bay Area’s most coveted markets.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Building Size
17,616 SF
Building Class
C
Year Built
1904
Price
$12,500,000
Price Per SF
$709.58
Percent Leased
Vacant
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
3,000 SF
Building FAR
3.24
Lot Size
0.12 AC
Zoning
CDC - Commercial
Parking
7 Spaces (0.4 Spaces per 1,000 SF Leased)
Amenities
- Natural Light
1 1
Exceptionally walkable
90/100
Moderately drivable
70/100
Good public transit
60/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 120-16-023 | Improvements Assessment | $128,096 |
| Land Assessment | $1,793,645 | Total Assessment | $1,921,741 |
Property Taxes
Parcel Number
120-16-023
Land Assessment
$1,793,645
Improvements Assessment
$128,096
Total Assessment
$1,921,741
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640 Waverley St
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