Rule set

LR2

Units

12 (cap 16)

Stories

6

FAR

2.90

Buildable SF

13,207

Net sellable / rentable SF

10,830

Average unit SF

850

Affordable set-aside

1 units · 2 Moderate-Income units or 1 Low-Income unit

Full SB 79 envelope (post-July 2026 timing): 14 units · 7 stories · FAR 3.25 · RLV -$1,103,976. Which envelope controls depends on when an application is deemed complete — confirm with counsel.

Exit strategy

Rent & hold

Gross development value

$7,425,376

Stabilized NOI

$337,855

Total development cost

$7,315,970

Required profit

$1,097,396

Residual land value

-$995,072

Max land per unit

-$82,923

Acquisition basis

$283,276

Spread over basis

-$1,278,348

Yield on cost

5.35%

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 "R2-1" is not a single-family district — SB 9 applies only to single-family zones.

APN

6039-001-035

Lot size

4,554 sqft · 0.10 acres

Use code

0200

Year built

1911

Allowed units under current zoning

2

Last sale

12/14/2009 · —

Hold period

17 years

Assessed value (tax roll — often far below market)

$125,414

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

$283,276

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.