Rule set

LR2

Units

16 (cap 16)

Stories

6

FAR

0.59

Buildable SF

16,585

Net sellable / rentable SF

13,600

Average unit SF

850

Affordable set-aside

2 units · 2 Moderate-Income units or 1 Low-Income unit

Full SB 79 envelope (post-July 2026 timing): 88 units · 7 stories · FAR 3.25 · RLV $1,221,645. Which envelope controls depends on when an application is deemed complete — confirm with counsel.

Exit strategy

Rent & hold

Gross development value

$10,682,670

Stabilized NOI

$486,061

Total development cost

$9,313,604

Required profit

$1,397,041

Residual land value

-$196,053

Max land per unit

-$12,253

Acquisition basis

$6,723,140

Spread over basis

-$6,919,193

Yield on cost

5.33%

Exit cap rate

4.55%

⚠ Negative leverage at current debt rates — yield on cost is below the exit cap rate.

• Outside Very High Fire Hazard Severity Zone✓ Pass
• Outside HPOZ historic overlay✓ Pass
• Not a Historic-Cultural Monument✓ Pass
• Outside sea-level-rise zone✓ Pass
• General Plan land use eligible✓ Pass
• SB 79 / Low-Rise transit eligibility✓ Pass
• Within half-mile walkshed of transit✓ Pass
• Not an individual condo / own-your-own unit✓ Pass
• Not publicly owned (900-series APN)✓ Pass
• Meets minimum lot size✓ Pass
• Not RSO-registered✓ Pass
• SCAG and city maps agree! Flagged

• ✕ Zone "R3-1-RIO" is not a single-family district — SB 9 applies only to single-family zones.

APN

2138-003-009

Lot size

28,124 sqft · 0.65 acres

Use code

0501

Year built

1988

Allowed units under current zoning

36

Last sale

2/8/1996 · —

Hold period

31 years

Assessed value (tax roll — often far below market)

$2,433,763

Est. market value (last sale unwound × ZIP home-value index)

$6,723,140

Owner occupied

No — absentee

Owner mailing address

Location calibration: Zillow Research home-value and rent indexes (ZHVI/ZORI, ZIP level). Value estimates are modeled from public records — not appraisals or listing prices.