Bay Street — The Friend Compound Field Guide
Bay Street
Type
A New Single Family Home and Two New ADUs
Regulatory Approach
SB9 with no lot split
City
Alameda (East Bay)
Total Cost
$7.3m
# of Homes
4
Cost per home
$1.8m
Timeline
22 months
Before
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After
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Development Approach
This compound used the following regulatory approach to develop the homes shown.
Selected
✓
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.
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Other potential development scenarios
✓
Qualified for an ADU
This property qualifies for a new detached ADU.
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—
Not Applicable: SB684 Multifamily
SB684 does not apply: not multi-family zoned.
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—
Not Applicable: SB1123 Small-Lot
SB1123 does not apply: property is not vacant.
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Timeline
| Phase | Duration |
|---|---|
| Design | 2 months |
| Permitting | 8 months |
| Site Work | 2 months |
| Construction | 10 months |
Total Duration
22 months
Total Duration:
22 months (~1.8 years)
Financials
Total Project Cost
$7,313,041
4 new units · 3,247 new sf
- Acquisition 66%
- Soft Costs 4%
- Hard Costs 30%
|
| Component | Amount |
|---|---|
| Acquisition | $4,841,000 |
| Soft Costs | $303,879 |
| Hard Costs | $2,168,163 |
Unit Economics
Original Property
- # of original homes 1
- # of new homes 3
- Total homes 4
| Per Home | |
|---|---|
| Acquisition | $4.84M |
| Build New Homes | $824K |
| All-In | $1.83M |
|
| Metric | Value |
|---|---|
| # of original sq ft | 5,260 |
| # of new sq ft | 3,247 |
| Total sq ft | 8,507 |
| Per Sq Ft | |
|---|---|
| Total | $920 |
| Total | $761 |
| Total | $860 |
| Total | Amount |
|---|---|
| Acquisition Loan (80%) | $3.76M |
| Construction Loan (65%) | $1.61M |
| Cash at Close | $1.08M |
| Cash During Build | $865K |
| Total Cash Needed | $1.95M |
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