Rule set

LR2

Units

14 (cap 16)

Stories

6

FAR

2.90

Buildable SF

14,542

Net sellable / rentable SF

11,924

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): 15 units · 7 stories · FAR 3.25 · RLV -$105,259. Which envelope controls depends on when an application is deemed complete — confirm with counsel.

Exit strategy

Rent & hold

Gross development value

$10,014,913

Stabilized NOI

$455,679

Total development cost

$8,084,755

Required profit

$1,212,713

Residual land value

$702,375

Max land per unit

$50,170

Acquisition basis

$602,789

Spread over basis

$99,586

Yield on cost

5.19%

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

APN

6151-010-033

Lot size

5,015 sqft · 0.12 acres

Use code

0200

Year built

1941

Allowed units under current zoning

2

Last sale

10/26/2011 · —

Hold period

15 years

Assessed value (tax roll — often far below market)

$231,708

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

$602,789

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.