1061 Alma Street is a prime redevelopment opportunity in the coveted historic Professorville district in Palo Alto. This pride of ownership asset is located within walking distance to Stanford University, & features (4) single-story 1BD/1BA cottages on a large 10,500 square foot lot (0.24 acres). There is a unique opportunity to develop this parcel in accordance with SB-10, which goes into effect on 1/1/22. SB-10 facilitates the passage of high-density housing developments, while allowing cities to forego environmental review & override local land-use restrictions when approving developments. Another parcel on the same lot size is under planning review to develop 36 studios with ground-level office space & below-grade parking at 955 Alma Street, only 1 block away from the subject property. The city previously indicated they will allow the lot to be split into two parcels as well, creating further development appeal. Buyer to verify development potential with city and local ordinances.