Property Overview:
508 Military Way is a single-family home in Palo Alto, CA (Barron Park), built in 1929. This multi-purpose property features 3 separate units: two 1-bedroom units and one studio. The total living space is 932–1,053 sq. ft. Additional features include open parking in the front yard, a parking garage, fireplace, and cooling system. The estimated home value is $1,773,000.
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 Barron Park Elementary, Jane Lathrop Stanford Middle, Henry M. Gunn High, and Greendell.- Average SAT score: 1221 (626 Math, 595 English)—well above state average of 975.
- Palo Alto schools are highly rated.
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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:
- Multi-purpose home with 3 separate units (2 one-bedroom units + 1 studio).
- Live in one unit and rent the other two for income potential.
- Open parking in the front yard and parking garage.
- Fireplace and cooling system included.
- Potential to remodel or build new for added value.
- Residential zoning (R-1).
- Palo Alto school district.
- Open house: Sat/Sun; private showings available.
Location Benefits:
- Prime Barron Park location in Palo Alto.
- Excellent schools and family-friendly community.
- Strong job market and low crime rates.
- Great investment opportunity: live in one unit, rent the others, or redevelop.
- Convenient access to local amenities, parks, and major employers in Silicon Valley.