Rule set

LR2

Units

16 (cap 16)

Stories

6

FAR

2.90

Buildable SF

17,269

Net sellable / rentable SF

14,160

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): 22 units · 9 stories · FAR 4.00 · RLV -$1,851,726. Which envelope controls depends on when an application is deemed complete — confirm with counsel.

Exit strategy

Rent & hold

Gross development value

$11,114,338

Stabilized NOI

$505,702

Total development cost

$9,570,413

Required profit

$1,435,562

Residual land value

$100,654

Max land per unit

$6,291

Acquisition basis

$308,365

Spread over basis

-$207,711

Yield on cost

5.23%

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 "[MN1-AL2-5][CX1-FA][CPIO-O]" is not a single-family district — SB 9 applies only to single-family zones.
• ✕ General Plan land use "commercial" is not residential.

APN

5148-003-003

Lot size

5,955 sqft · 0.14 acres

Use code

3333

Year built

1902

Allowed units under current zoning

1

Last sale

5/31/1994 · —

Hold period

32 years

Assessed value (tax roll — often far below market)

$180,873

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

$308,365

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.