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70 Encina Ave - 10-Unit Attached Housing Site 0.28 Acres of Residential Land Offered at $6,000,000 in Palo Alto, CA 94301
INVESTMENT HIGHLIGHTS
- Infill redevelopment site approved for 10 townhouse-style condominiums; floor plans include two-bedroom and three-bedroom residences
- Directly across the street from world-renowned Stanford University
- Located in one of the most affluent cities in the region with a median household income of $205,784
- Adjacent to Trader Joe’s, CVS, and restaurants and shops in Town & Country Village, one-half mile to Downtown Palo Alto and Stanford Shopping Center
- Short commute to major Silicon Valley employers such as Google, Facebook, Intuit, Microsoft, Stanford University, Stanford Medicine, and Apple
- Walking distance to Palo Alto High School, Stanford University, Palo Alto Medical Foundation, and Palo Alto Caltrain station
EXECUTIVE SUMMARY
70 Encina Avenue represents the rare opportunity to obtain a fully approved and entitled development site in the heart of thriving Silicon Valley. Situated in the highly sought after city of Palo Alto, the subject offers the opportunity to develop an attached residential housing project in an unrivaled location. The property is adjacent to Town & Country Village, across the street from Stanford University, and a short distance from top high-tech employers, a vibrant downtown shopping district, and numerous recreation opportunities.
COMPELLING REDEVELOPMENT OPPORTUNITY
The subject is approved for redevelopment with 10 townhouse-style residential condominiums contained in a three-story structure with at-grade parking. Floor plans include two-bedroom and three-bedroom residences. Eight of the units will be offered at market rate, with two units designated for below market rate buyers. The project is designed with private garages and direct access to all units, making it highly attractive to prospective homeowners.
NEARBY AMENITIES
The site is adjacent to Town & Country Village, a neighborhood shopping center anchored by Trader Joe’s and CVS with dozens of restaurants, shops, and personal service providers. Downtown Palo Alto is about a half mile from the property and is a popular shopping and entertainment destination. Finally, Stanford Shopping Center is a quick five-minute drive from the property. This regional outdoor shopping center is one of the most successful retail developments in Northern California and features boutiques, luxury retailers, department stores, and restaurants.
TRANSIT-ORIENTED SITE WITH GOOD ACCESS
The property benefits from both walkability and convenient access from major roadways. 70 Encina Avenue is less than ten minute’s walking distance to the Palo Alto Caltrain station, providing commuter rail access to San Francisco, the Peninsula, and Silicon Valley. The site is near the intersection of two major traffic carriers in Palo Alto and is about one-half mile from an interchange with US Highway 101, providing excellent regional access.
EXCEPTIONAL DEMOGRAPHICS
Palo Alto has an estimated median household income of $205,784, which is nearly triple the national median household income of $74,755. Additionally, the city has a highly educated workforce; more than 80% of the labor force has a bachelor’s or graduate degree. Despite the high household income, housing affordability remains a challenge in Palo Alto, making attached residential units an attractive option for first-time homebuyers and empty nesters looking to downsize.
EXCELLENT PUBLIC SCHOOLS
Palo Alto is known for having exceptional public schools, which is one of the primary demand drivers for housing. Palo Alto Unified School District operates all public schools in the city. The property’s assigned elementary, middle, and high schools all boast A+ ratings from Niche.com, which ranked Palo Alto Unified School District as the best school district in the State of California. Palo Alto High School is less than five minutes’ walking distance from the property, Addison Elementary is less than one mile away, and Greene Middle School is about two miles from the site.
PROPERTY FACTS
| Price | $6,000,000 | Property Subtype | Residential |
| Sale Type | Investment | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 0.28 AC |
| Property Type | Land | ||
| Zoning | CC/PHZ - Planned Home Zoning | ||
| Price | $6,000,000 |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | |
| Total Lot Size | 0.28 AC |
| Zoning | CC/PHZ - Planned Home Zoning |
1 LOT AVAILABLE
Lot
| Price | $6,000,000 | Lot Size | 0.28 AC |
| Price Per AC | $21,564,349.82 |
| Price | $6,000,000 |
| Price Per AC | $21,564,349.82 |
| Lot Size | 0.28 AC |
70 Encina Avenue represents the rare opportunity to obtain a fully approved and entitled development site in the heart of thriving Silicon Valley.
DESCRIPTION
70 Encina Avenue consists of a three-story residential condominium building containing 10 townhouse-style units with parking at grade in private garages. The project will include two two-bedroom units and eight three-bedroom units. Eight of the units will be offered at market and two of the units are designated as below market rate for Moderate Income households. Unit plans include a mix of two-bedroom and three-bedroom residences, including one ADA-accessible unit. The accessible unit has two bedrooms and two bathrooms, and measures about 1,741 square feet. The standard two-bedroom floor plan has two and one-half bathrooms and measures 1,692 square feet. Three-bedroom homes measure between 1,807 square feet and 1,859 square feet, and average 1,846 square feet. One three-bedroom residence has two and one-half bathrooms and the other homes have three full bathrooms. All homes have private balconies on the second level. The subject site is located on Encina Avenue, just north of El Camino Real. Vehicle access will be from a gated entrance at the center of the building. The building is designed with a central courtyard to allow for vehicle access to private garages attached to each residence. All units feature attached garages; six homes have two-car garages and four homes have single-garages, and all homes have room for one bicycle space inside the garage. Pedestrian access will be via walkways on the north and south sides of the central drive aisle, with secured entrances along Encina Avenue. The subject site is located within the boundaries of the Palo Alto Unified School District. Schools in these areas are highly rated and are among some of the top schools in the state. Currently, the assigned schools for the property are Addison Elementary, Frank S. Greene Middle School, and Palo Alto High School. All three schools have A+ ratings from Niche.com; Palo Alto High School is given an 8/10 ranking from Great Schools, and Addison Elementary and Frank S. Greene Middle School have a 7/10 rating.
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $5,016 | |
| Land Assessment | $130,240 | Total Assessment | $135,256 |
PROPERTY TAXES
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70 Encina Ave - 10-Unit Attached Housing Site
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