Rule set

LR2

Units

15 (cap 16)

Stories

6

FAR

2.90

Buildable SF

15,657

Net sellable / rentable SF

12,839

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): 16 units · 7 stories · FAR 3.25 · RLV -$688,355. Which envelope controls depends on when an application is deemed complete — confirm with counsel.

Exit strategy

Rent & hold

Gross development value

$9,789,969

Stabilized NOI

$445,444

Total development cost

$8,699,579

Required profit

$1,304,937

Residual land value

-$236,073

Max land per unit

-$15,738

Acquisition basis

$861,048

Spread over basis

-$1,097,121

Yield on cost

5.26%

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

Eligibility

Urban lot split + duplexes

Maximum units

4 (2 lots × 2 units)

APN

2617-001-048

Lot size

5,399 sqft · 0.12 acres

Use code

0100

Year built

1957

Allowed units under current zoning

1

Last sale

8/24/1999 · —

Hold period

27 years

Assessed value (tax roll — often far below market)

$248,963

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

$861,048

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.