Rule set

LR2

Units

16 (cap 16)

Stories

6

FAR

1.39

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): 37 units · 7 stories · FAR 3.25 · RLV $666,542. Which envelope controls depends on when an application is deemed complete — confirm with counsel.

Exit strategy

Rent & hold

Gross development value

$10,879,991

Stabilized NOI

$495,040

Total development cost

$9,244,803

Required profit

$1,386,720

Residual land value

$205,595

Max land per unit

$12,850

Acquisition basis

$1,714,920

Spread over basis

-$1,509,325

Yield on cost

5.24%

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 "C2-1VL-O-HPOZ-CPIO" is not a single-family district — SB 9 applies only to single-family zones.
• ✕ General Plan land use "commercial" is not residential.
• ✕ Within a Historic Preservation Overlay Zone — SB 9 excludes designated historic districts.

APN

5124-018-018

Lot size

11,942 sqft · 0.27 acres

Use code

6400

Year built

1921

Allowed units under current zoning

1

Last sale

1/10/2008 · —

Hold period

19 years

Assessed value (tax roll — often far below market)

$2,143,650

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

$1,714,920

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.