Property Overview:
240 Wilton Ave is a single-family home in Palo Alto, CA, built in 1946. It features 5 bedrooms, 2 bathrooms, and 2,055 sq. ft. of living space. The home includes a parking garage, fireplace, heating, and cooling system. The estimated home value is $2,027,000. The property sits on a large 7,000+ sq. ft. lot and is being marketed as a tear-down or full gut remodel opportunity.
Neighborhood Highlights:
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Crime Rate:
- Personal crime risk: 3.9% (lower than state average of 11.8%).
- Property crime risk: 5.3% (lower than state average of 10.8%).
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Schools:
Nearby schools include El Carmelo Elementary, Jane Lathrop Stanford Middle, Henry M. Gunn High, and Greendell.- Average SAT score: 1221 (well above state average of 975).
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Job Market:
- 77.4% white-collar jobs, 22.6% blue-collar jobs.
- Unemployment rate: 2.2% (lower than state average of 4.7%).
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Demographics:
- Community population: 22,332 (18% growth since 2000).
- 56% families with children.
- Largest age group: 45-54 years (16.92%); second largest: 35-44 years (14.54%).
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Natural Disaster Risk:
- Moderate flood risk, low tornado risk, high earthquake risk.
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Weather:
- Average temperature: 51.8°F (January), 89.0°F (July).
- Average rainfall: 16.5 inches/year.
- Average snowfall: 0.1 inches/year.
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Cost of Living:
- Median household income: $93,826.
- Average annual spending: $66,240.
Property Features & Development Potential:
- Major remodel or tear-down required; not currently habitable.
- Large lot (7,000+ sq. ft.) with potential to build up to 2,895 sq. ft. above ground, and over 5,000 sq. ft. with basement (per City of Palo Alto Parcel Report).
- No flood zone.
- After Build Value (ABV) potential estimated at $4.6M+ in the current market.
- Cash buyers or hard money loans required due to current condition.
- Seller financing may be considered.
- Open houses regularly scheduled; private showings available.
- Ideal for investors, contractors, or buyers seeking new construction in a high-opportunity neighborhood.
Location Benefits:
- Close to Downtown Palo Alto and Stanford University.
- Exceptional proximity to top-rated schools, shopping, dining, and major tech campuses.
- Family-friendly community with strong growth and high educational attainment.
- Excellent development opportunity in one of Palo Alto’s most desirable neighborhoods.