Rule set

LR2

Units

16 (cap 16)

Stories

6

FAR

2.34

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): 22 units · 7 stories · FAR 3.25 · RLV $122,687. Which envelope controls depends on when an application is deemed complete — confirm with counsel.

Exit strategy

Rent & hold

Gross development value

$10,875,675

Stabilized NOI

$494,843

Total development cost

$9,224,166

Required profit

$1,383,625

Residual land value

$250,371

Max land per unit

$15,648

Acquisition basis

$700,547

Spread over basis

-$450,176

Yield on cost

5.22%

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

Eligibility

Urban lot split + duplexes

Maximum units

4 (2 lots × 2 units)

APN

6236-024-023

Lot size

7,088 sqft · 0.16 acres

Use code

0101

Year built

1941

Allowed units under current zoning

1

Last sale

5/28/2024 · —

Hold period

2 years

Assessed value (tax roll — often far below market)

$714,000

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

$700,547

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.