355 First Street is a fully entitled, shovel-ready luxury condominium development opportunity in the heart of Los Altos. Located just blocks from the vibrant downtown district, the project offers 50 units with high-end finishes and large-format floor plans. Architectural plans are approved, and RTI permits are expected by mid-April, allowing construction to begin post-closing. The development features modern four-story construction with premium amenities, including a landscaped central courtyard, rooftop lounges with barbeque areas, and a private dog park. Each residence has access to dedicated parking, including two spaces per unit, guest parking, and bike storage. The project is designed for affluent homeowners, including downsizers seeking low-maintenance luxury and professionals desiring a walkable downtown lifestyle. Exit pricing is supported by recent sales exceeding $2,050 per square foot, and the limited new supply in the highly affluent Los Altos market enhances pricing power and absorption. The project has strong projected returns with an estimated levered IRR of approximately 17.11%.