University Avenue

Type

Four New Single-Family Homes

Regulatory Approach

SB 1123

City

Mountain View (Peninsula)

$6.6mTotal Cost

5# of Homes

$1.3mCost per home

24 monthsTimeline

The transformation

8,220 sq ft lot

Development Approach

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

Selected

—

Not Applicable: SB1123 Small-Lot

SB1123 does not apply: property is not vacant.

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.

Timeline

Design3 months

Permitting8 months

Site Work3 months

Construction10 months

Month 0Month 24

Design3 months

Permitting8 months

Site Work3 months

Construction10 months

Total Duration24 months

Total Duration:24 months(~2.0 years)

Financials

Total Project Cost

$6,574,627

5 new units · 6,932 new sf

Acquisition27%

Soft Costs11%

Hard Costs63%

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

$1.75M

Per Home

$1.21M

Per Home

$1.31M

# of original sq ft

# of new sq ft

6,932

Total sq ft

6,932

Per Sq Ft

N/A

Per Sq Ft

$696

Per Sq Ft

$948

Total

$1.75M

Total

$4.82M

Total

$6.57M

Financing Estimate

Acquisition Loan (80%)

$1.36M

Construction Loan (65%)

$3.14M

Cash at Close

$391K

Cash During Build

$1.69M

Total Cash Needed

$2.08M

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