321317 Alma Street, Palo Alto, California 94306, Palo Alto, - bed, bath
ACTIVE$2,400,000
321317 Alma Street, Palo Alto, California 94306
0Bed
0Bath
1,837Sqft
6,248Lot
Year Built
1958
Close
-
List price
$2.4M
Original List price
$2.4M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
ML82024810
Home ConditionExcellent
Features
View-
About this home
Three beautifully remodeled and meticulously maintained apartments, fully leased to high quality tenants! Conveniently located close to California Ave, University Ave, Stanford, Cal-train, and much more. The perfect investment opportunity!
Price History
Date
Event
Price
10/14/25
Listing
$2,400,000
Neighborhood Comparison
| Subject | Average Home | Neighbourhood Ranking (1 Listings) | |
|---|---|---|---|
| Beds | 0 | 0 | |
| Baths | 0 | 0 | |
| Square foot | 1,837 | 1,804 | 50% |
| Lot Size | 6,248 | 6,274 | 50% |
| Price | $2.4M | $2.48M | 50% |
| Price per square foot | $1,306 | $1,373 | 50% |
| Built year | 1958 | 9725979 | 100% |
| HOA | |||
| Days on market | 22 | 142 | 50% |
Condition Rating
Excellent
Despite being built in 1958, the property has undergone a comprehensive and high-quality renovation, as stated in the description ('beautifully remodeled'). The images confirm this, showcasing modern kitchens with shaker-style cabinets, quartz or butcher block countertops, subway tile backsplashes, and stainless steel appliances (including modern brands like LG). Bathrooms feature contemporary vanities, integrated sinks, and modern fixtures. Throughout the units, there's new-looking wood-look laminate/tile or refinished hardwood flooring, fresh paint, modern light fixtures, and visible mini-split AC units, indicating updated HVAC. All components appear virtually new, meeting current quality standards with no deferred maintenance, aligning perfectly with the 'Excellent' score criteria for a property extensively renovated within the last 5 years.
Pros & Cons
Pros
Prime Location: Strategically located in highly desirable Palo Alto, offering excellent proximity to key amenities such as California Ave, University Ave, Stanford University, and Cal-train, ensuring strong tenant demand and property appreciation.
Immediate Income & Stable Tenancy: The property consists of three fully leased apartments with high-quality tenants already in place, providing immediate and stable rental income for the investor.
Remodeled & Well-Maintained: The apartments are described as 'beautifully remodeled and meticulously maintained,' suggesting a turn-key investment with reduced immediate capital expenditure for a new owner.
Investment Opportunity: Explicitly marketed as 'the perfect investment opportunity,' highlighting its potential for consistent returns and long-term value growth in a robust market.
Top-Tier School District: Located within the highly-rated Palo Alto Unified School District, which is a significant draw for families and contributes to the property's long-term desirability and value.
Cons
Age of Property: Built in 1958, despite renovations, the underlying infrastructure and systems may be older, potentially leading to higher maintenance costs or the need for future capital improvements not covered by the 'remodeled' description.
Unit Size: With a total of 1837 sqft for three units, individual apartments are likely on the smaller side (~612 sqft average), which could limit the tenant pool or rental income potential compared to properties with larger units.
High Entry Price: The list price of $2.4 million represents a substantial capital investment, which, while reflective of the Palo Alto market, may narrow the pool of potential buyers and investors.