Cortez Avenue

Type

A New Single Family Home and an Existing Primary Home

Regulatory Approach

SB9 with lot split

City

Burlingame (Peninsula)

$4.1mTotal Cost

2# of Homes

$2.0mCost per home

20 monthsTimeline

The transformation

9,432 sq ft lot

Development Approach

This compound used the following regulatory approach to develop the homes shown.

Other potential development scenarios

✓

Qualified for an ADU

This property qualifies for a new detached ADU.

✓

Qualified for SB9 Single Family Development with Optional Lot Split

This property qualifies for SB9 development and may use a lot split for 1 new primary home and up to 2 new ADUs.

—

Not Applicable: SB684 Multifamily

SB684 does not apply: not multi-family zoned.

—

Not Applicable: SB1123 Small-Lot

SB1123 does not apply: property is not vacant.

Timeline

Design2 months

Permitting8 months

Site Work1 month

Construction9 months

Month 0Month 20

Design2 months

Permitting8 months

Site Work1 month

Construction9 months

Total Duration20 months

Total Duration:20 months(~1.7 years)

Financials

Total Project Cost

$4,093,935

2 new units · 1,749 new sf

Acquisition69%

Soft Costs5%

Hard Costs25%

Unit Economics

Original Property

Acquisition only

Build New Homes

Soft + hard costs

All-In

Total project

# of original homes

# of new homes

Total homes

Per Home

$2.83M

Per Home

$1.26M

Per Home

$2.05M

# of original sq ft

2,182

# of new sq ft

1,749

Total sq ft

3,931

Per Sq Ft

$1298

Per Sq Ft

$721

Per Sq Ft

$1041

Total

$2.83M

Total

$1.26M

Total

$4.09M

Financing Estimate

Acquisition Loan (80%)

$2.20M

Construction Loan (65%)

$820K

Cash at Close

$633K

Cash During Build

$442K

Total Cash Needed

$1.07M

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