# 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

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## More Compounds
  
A New Single Family Home and an Existing Primary Home  
**Hampton Road**
[Link](/content/fieldguide/listings/piedmont-sb9-compound/index.html)  
  
Two New Single Family Homes and an Existing Primary Home  
**Carberry Avenue**
[Link](/content/fieldguide/listings/oakland-sb684-compound/index.html)  
[View all Compounds](/content/fieldguide/index.html)