Keep in mind that multi-family housing with more than 4 units does not qualify for the typical owner occupied mortgage that people are familiar with, but the $2M price is well within the reach of many cash heavy Palo Alto home buyers.
The median price for a home in downtown Palo Alto is about $2M and the average size is about 2250 sf.
A short distance away from this house is a high-rise condominium development with each unit having a nearly $1M price tag, and $900 HOA fees, for 2 bed/ 2 bath with 1,300 sf. (built 1960)
I might be optimistic but I think 235 Emerson might surpass the offering price ... It only has 7 units, and one bedroom apartment in Palo Alto typically only rents for $2000+. The house is in walking distance of downtown Palo Alto, Stanford University, Stanford Shopping Center, and downtown Menlo Park. There seem to be a few people who like living in the area ;^)
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