340 Palo Alto Avenue consists of a charming single-story 2 bed 1 bath home on a +/- 0.2 acre lot with rare development potential in prime North Downtown Palo Alto. Ownership has filed an SB79 application to develop a 3-story, 6-luxry condo project. The +/- 1,500-1,550 sq. ft. 3 bedroom 3.5 bath premium condos will feature large terraces overlooking the tree-lined San Francisquito Creek. The property will feature a lobby entry with an elevator, two stairwells, privatized storage for each unit, at-grade parking, an interior trash/recycling room, all-electric service, and an attractive exterior façade consisting of painted brick and wood elements, a nod to its contemporary and greenbelt surroundings. Additionally, an option may exist to add a 7th penthouse suite unit which would be a larger +/- 1,800 sq. ft. residence on its own floor, with spectacular views. The property feeds to the #1 ranked school district in California; Addition Elementary, Greene Middle and Palo Alto High schools. The amenity-rich location is convenient to retail and restaurant options of University Avenue and Stanford Shopping Center, Caltrain Station, major transportation arteries, and world-class Silicon Valley employers.