Floribunda Avenue — The Friend Compound Field Guide
Floribunda Avenue
Type
Six New Single-Family Homes
Regulatory Approach
SB 684
City
Burlingame (Peninsula)
Total Cost
$8.2m
# of Homes
6
Cost per home
$1.4m
Timeline
25 months
Before
After
Development Approach
This compound used the following regulatory approach to develop the homes shown.
Selected
✓
Qualified for SB684 Multifamily Development
This property qualifies for up to 8 primary units on subdivided parcels with potential 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: SB9
SB9 does not apply: not single-family zoned.
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Not Applicable: SB1123 Small-Lot
SB1123 does not apply: not single-family zoned, property is not vacant.
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Timeline
| Activity | Duration |
|---|---|
| Design | 3 months |
| Permitting | 8 months |
| Site Work | 3 months |
| Construction | 11 months |
| Total Duration | 25 months (~2.1 years) |
Financials
Total Project Cost
$8,212,093
6 new units · 10,104 new sf
Acquisition
19%
Soft Costs
9%
Hard Costs
72%
| Category | Amount |
|---|---|
| Acquisition | $1,539,850 |
| Soft Costs | $777,963 |
| Hard Costs | $5,894,280 |
Unit Economics
| Description | Original Property | Build New Homes |
|---|---|---|
| # of original homes | 0 | # of new homes |
| Total homes | 6 | Total sq ft |
| Per Home | N/A | Per Home |
| Per Sq Ft | N/A | Per Sq Ft |
Total
$8.21M
Financing Estimate
| Type | Amount |
|---|---|
| Acquisition Loan (80%) | $1.20M |
| Construction Loan (65%) | $4.34M |
| Cash at Close | $344K |
| Cash During Build | $2.34M |
| Total Cash Needed | $2.68M |
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