355 First Street

Property Description

355 First Street, Los Altos, CA is a fully entitled, shovel ready luxury condominium development opportunity located just blocks from the vibrant Los Altos downtown district. The project consists of 50 total residences — 43 market-rate and 7 below-market-rate units — designed as a 4-story structure (Type III-A) featuring two levels of subterranean parking (Type I-A), providing two dedicated spaces per unit. The project will also include 13 guest parking spaces, including two ADA spaces, and a secured ground-floor bicycle room accommodating 65 bicycles. • Fully Entitled & Ready-to-Issue (RTI) Years of entitlement risk, plan checks, and environmental mitigations are cleared. The project will be delivered “Shovel Ready” with the AHA, Final Map, and base monitoring contracts secured. • Premium 50-Unit Scale & Mix Extremely rare density for this municipality, heavily weighted toward highly desirable, high-value 2- and 3-bedroom floor plans. • Superior Parking Infrastructure 113 traditional, non-tandem parking spaces featuring EV charging for every unit and dedicated bike parking. Zero mechanical stackers or puzzle lifts, eliminating a major friction point for luxury buyers. • Proven Top-of-Market Exits Positioned for luxury buyers, supported by highly relevant recent comparable sales exceeding $2,050 / Sq. Ft. • Standout Design & Amenities Thoughtfully designed 4-story wood frame over subterranean parking. Features a stunning central atrium for natural light and an expansive, programmed rooftop deck flanked by lush greenery and a private dog park. • Projected ~17.1% project level IRR Supported by strong market fundamentals and limited new condo supply.