Cortez Avenue

Type

A New Single Family Home and an Existing Primary Home

Regulatory Approach

SB9 with lot split

City

Burlingame (Peninsula)

Total Cost

$4.1m

# of Homes

2

Cost per Home

$2.0m

Timeline

20 months

Before

Click to enlarge

After

Click to enlarge

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

• Design: 2 months
• Permitting: 8 months
• Site Work: 1 month
• Construction: 9 months

Total Duration: 20 months (~1.7 years)

Financials

Total Project Cost

$4,093,935

2 new units · 1,749 new sf

• Acquisition: 69%
• Soft Costs: 5%
• Hard Costs: 25%

Breakdown

• Acquisition: $2,832,500
• Soft Costs: $220,642
• Hard Costs: $1,040,793

Unit Economics

Original Property

• of original homes: 1

• of new homes: 1

• Total homes: 2
• Per Home (Acquisition only): $2.83M
• Per Home (Build New Homes): $1.26M
• Per Home (All-In): $2.05M

Square Footage

• of original sq ft: 2,182

• of new sq ft: 1,749

• Total sq ft: 3,931

Price per Sq Ft

• Per Sq Ft (Original): $1298
• Per Sq Ft (New): $721
• Per Sq Ft (Total): $1041

Total Financials

• Total: $2.83M
• Total: $1.26M
• Total Project: $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

Want to build something like this?

Share your goals and we'll figure out next steps.

Get started

More Compounds

A New Single Family Home and an Existing Primary Home
Hampton Road Link

Two New Single Family Homes and an Existing Primary Home
Carberry Avenue Link
View all Compounds