10/05/2020
4898 El Camino Real - INVESTMENT/DEVELOPMENT OPP: LAND w/ T-MAP for 28 CONDOS ; 2% COMMISSION TO BUYER'S AGENT ; PRICE UPON REQUEST. DM for any questions or call at 650-847-7222.
DESCRIPTION
ALTOS II IS A MULTIPLE-FAMILY RESIDENTIAL PROJECT AT 4898 EL CAMINO REAL. THE PROJECT CONSISTS OF A 78,993SF, 28-UNIT, FIVE-STORY BUILDING, WITH TWO LEVELS OF UNDERGROUND PARKING. THE PROJECT REPLACES THE EXISTING FUTON SHOP BUILDING WHICH IS APPROXIMATELY 8,396 SF. THE UNDERGROUND PARKING LEVELS ARE ACCESSED FROM JORDAN AVENUE AND INCLUDE; 55 PARKING STALLS, 56 BICYCLE LOCKERS, 8 BIKE RACKS WITH 110V SERVICE FOR CHARGING EBIKES, 28 STORAGE UNITS, AND EV CHARGING STATIONS FOR EACH UNIT. THE FIRST FLOOR INCLUDES THE MAIN LOBBY, 4 RESIDENTIAL UNITS, AND A GATHERING ROOM AND GYM SPACE. THE ROOF TOP INCLUDES A 3,391 SQUARE FOOT ROOFTOP DECK WITH GRILLING STATIONS, DINING TABLES, AND OUTDOOR SEATING. IN ADDITION SOLAR PANELS WILL BE INSTALLED FOR A PORTION OF THE COMMON AREA ELECTRICITY SE AND TO OFFSET ELECTRICITY FOR 6 BMR UNITS.
INVESTMENT HIGHLIGHTS
DEVELOPMENT OPPORTUNITY GYM, FAMILY ROOM, SOLAR PANELS, STORAGE, BIKE LOCKERS, ROOFTOP DECK and TWO-LEVEL UNDERGROUND PARKING
28 CONDOS WITH TENTATIVE MAP APPROVAL
EXECUTIVE SUMMARY
ALTOS II, due to the fact that the affordable units exceed 10%, is essential business, which is extremely important now during the coronavirus phase since construction could take place anytime. The CD's could be submitted in 2-3 months.
Also, the most recent comps for finished condos, Mar-Aug 2020, average just under $1,500/sf, and these units closed escrow during the pandemic.
ALTOS II is being sold with tentative map approval for 28 condominiums (no building permits or recordation of final subdivision map).
Altos II will offer a turn-key “city-living lifestyle” in the suburban market. Altos II is a 28-unit residential condominium development with integrated services and community living spaces that embody the type of transit-supportive development envisioned through Grand Boulevard Initiative that City of Los Altos is part of. This site is a perfect example of a new infill development. Strategically located close to the largest mixed-use retail and consumer services center in the area, Altos II is expected to bring urban style and sophistication to the El Camino corridor of Los Altos.
The development has been designed to accommodate the unique mix of buyers in the area, including downsizing seniors, millennials, families, and multi-generational families. We chose specific features to meet the needs of each of these groups, such as offices in select units (for remote workers) and single-floor configurations (for seniors).
The suburban world is changing rapidly to bring elements of urban living. To accommodate this, we’ve chosen a location close to services, installed bike lockers and built-in many features to make this a self-contained community.
Highlights of the project include:
- Open-living floor plans generally larger than other nearby developments
- All units single-story to maximize living space while appealing to urban living
- 490 square foot Family Room with Kitchen and AV services and 566 square foot gym
- 3,391 square foot rooftop deck with grilling stations, dining tables, bar, TV, and outdoor seating
- Storage units and bike lockers, in the underground parking designated for each unit
- PV Solar array will be installed and sized to cover the electrical demand for the BMR’s (6 units). Any additional power will be used for the common areas of the building (elevator, lighting-garage, hallways, gym, rooftop deck)
- Walking distance to Cal Train and directly on a major bus route
- The new Building address will be 4900 El Camino Real which will give uniqueness and recognition among other developments
- Amazon Room, package and mail room adjacent to main lobby
