Rule set

LR1

Units

6 (cap 11)

Stories

4

FAR

1.80

Buildable SF

6,300

Net sellable / rentable SF

5,166

Average unit SF

850

Affordable set-aside

1 units · 1 Moderate-Income unit

Full SB 79 envelope (post-July 2026 timing): 10 units · 7 stories · FAR 3.25 · RLV -$434,947. Which envelope controls depends on when an application is deemed complete — confirm with counsel.

Exit strategy

Rent & hold

Gross development value

$3,918,555

Stabilized NOI

$178,294

Total development cost

$3,094,669

Required profit

$464,200

Residual land value

$324,910

Max land per unit

$54,152

Acquisition basis

$1,391,023

Spread over basis

-$1,066,113

Yield on cost

5.21%

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! Flagged
• Not RSO-registered✓ Pass
• SCAG and city maps agree! Flagged

• ✕ Zone "BCC-3" is not a single-family district — SB 9 applies only to single-family zones.
• ✕ General Plan land use "commercial" is not residential.

APN

2453-014-002

Lot size

3,500 sqft · 0.08 acres

Use code

1900

Year built

1952

Allowed units under current zoning

7

Last sale

6/3/2002 · —

Hold period

24 years

Assessed value (tax roll — often far below market)

$596,489

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

$1,391,023

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.