100% Vacant Triplex offering exceptional value-add, expansion, or redevelopment potential on a rare ±9,500 Sq Ft, R3-zoned lot in Downtown Palo Alto. The property was built in 1937 and includes two buildings: a main structure with (1) 2BD + 1.5BA and (1) 2BD + 1BA units (upper unit with a spacious wrap-around patio), plus a rear 1BD + 1BA unit above a laundry room equipped with full electrical and plumbing, as well as a built-out bedroom and bathroom—ideal for straightforward ADU conversion. Additional highlights include two powered storage sheds suitable for home offices or insulated tenant storage, driveway, garage, and rear-alley parking, and an unbeatable location just steps from University Avenue, Johnson Park, and within about a half-mile of Caltrain. An outstanding investment, redevelopment, or owner-user opportunity in one of the Bay Area’s most desirable markets.