510 Waverley Street presents the opportunity to acquire a freestanding mixed-use office and retail property in the heart of Downtown Palo Alto. Positioned just steps from University Avenue, the property benefits from immediate access to one of Silicon Valley’s most established business, dining, and retail corridors. The location places occupants and visitors within walking distance of numerous restaurants, cafés, services, and the Caltrain station, supporting both business operations and long-term asset value. The property features a historic building with office and retail components, a flexible interior layout, and seven on-site tandem parking spaces. Interior improvements include open office areas, conference rooms, retail space, a kitchen/break room, lobby areas, restrooms, and multiple private offices, providing adaptability for owner-users, investors, or businesses seeking a downtown presence. The asset is designated as a Category-2 building on the City of Palo Alto Historic Building Inventory. According to the offering materials, exterior modifications are restricted while interior modifications are permissible. The property may also benefit from historic rehabilitation incentives, including the potential availability of up to 2,500 square feet of bonus square footage associated with qualified rehabilitation projects. The site is zoned CD-C (P) (GF), with the existing ground-floor office use identified as a permitted non-conforming use. Additionally, the property is located within one-half mile of the Palo Alto Caltrain Station and is subject to California Senate Bill 79 considerations, creating future planning and development relevance in a transit-served downtown environment.