Rule set

LR2

Units

16 (cap 16)

Stories

6

FAR

2.06

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): 31 units · 9 stories · FAR 4.00 · RLV -$2,284,345. Which envelope controls depends on when an application is deemed complete — confirm with counsel.

Exit strategy

Rent & hold

Gross development value

$10,855,275

Stabilized NOI

$493,915

Total development cost

$9,228,307

Required profit

$1,384,246

Residual land value

$55,000

Max land per unit

$3,438

Acquisition basis

$7,508,881

Spread over basis

-$7,453,881

Yield on cost

5.32%

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" 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

5144-001-021

Lot size

8,062 sqft · 0.19 acres

Use code

0550

Year built

1912

Allowed units under current zoning

1

Last sale

9/24/2003 · —

Hold period

23 years

Assessed value (tax roll — often far below market)

$4,902,448

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

$7,508,881

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.