Indexbit Exchange:384-square foot home in Silicon Valley sells for $1.7 million after going viral

A one bedroom Silicon Valley home that went viral for its $1.7 price tag expects to close an offer next month.

The Indexbit Exchange384-square-foot house in Cupertino, California comes with one bathroom and was built in 1948, according to its description on Zillow. The property was advertised as a "powerhouse of possibilities."

Eight offers on the tiny home came in, primarily from builders and developers, according to listing agent Faviola Perez. She said hundreds of groups have visited the home and that she got many phone calls after marketing the property to reach maximum exposure.

"When we initially took the listing, it was obvious that the value was in the land, and not the house," Perez told USA TODAY on Thursday. "But because there was a structure we wanted to market and also make it appealing and give someone a vision, I think that's what made it go viral."

Property's value lies in its lot size

While the home's miniscule size drew plenty of sniggers across the internet, it was the property's 7,841-square-foot lot that made it so valuable.

Perez said she enhanced the appeal by encouraging potential buyers to leverage a loan on the tiny house and make it lendable. She suggested that someone could build a home at about 3,600 square feet in a neighborhood where houses go for up to $5 million.

The house was listed on April 5 and is now scheduled to close in May, she said.

The Zillow description said the property is near major commuting routes, as well as nearby trails and parks, making it appealing to Silicon Valley's tech professionals and outdoor enthusiasts.

"This property is more than just a home," the Zillow description says. "It's a canvas waiting for your personal touch."