Rule set

LR2

Units

16 (cap 16)

Stories

6

FAR

2.22

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): 28 units · 9 stories · FAR 4.00 · RLV -$2,134,541. 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

$9,225,783

Required profit

$1,383,868

Residual land value

$206,700

Max land per unit

$12,919

Acquisition basis

$2,545,590

Spread over basis

-$2,338,890

Yield on cost

5.25%

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 "[HB3-G1-5][CX2-FA][CPIO]" is not a single-family district — SB 9 applies only to single-family zones.
• ✕ General Plan land use "commercial" is not residential.

APN

5139-004-018

Lot size

7,469 sqft · 0.17 acres

Use code

1100

Year built

1917

Allowed units under current zoning

37

Last sale

4/4/2007 · —

Hold period

19 years

Assessed value (tax roll — often far below market)

$3,181,987

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

$2,545,590

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.