La Goma Street — The Friend Compound Field Guide
La Goma Street
Type
A New ADU and Existing Primary Home
Regulatory Approach
ADU
City
Mill Valley (North Bay)
Total Cost
$3.2m
Number of Homes
2
Cost per Home
$1.6m
Timeline
10 months
Before
Click to enlarge
After
Click to enlarge
Development Approach
This compound used the following regulatory approach to develop the homes shown.
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
| Task | Duration |
|---|---|
| Design | 1 month |
| Permitting | 3 months |
| Site Work | 1 month |
| Construction | 5 months |
| Total Duration | 10 months |
Financials
Total Project Cost
$3,180,039
Unit Breakdown
- 2 new units
- 659 new sf
Cost Breakdown
| Cost Type | Percentage |
|---|---|
| Acquisition | 81% |
| Soft Costs | 3% |
| Hard Costs | 16% |
| Category | Amount |
|---|---|
| Acquisition | $2,575,000 |
| Soft Costs | $96,402 |
| Hard Costs | $508,638 |
Unit Economics
| Description | Value |
|---|---|
| # of original homes | 1 |
| # of new homes | 1 |
| Total homes | 2 |
| Total sq ft | 2,865 |
| Per Home Acquisition | $2.58M |
| Per Home Build | $605K |
| Total Project | $3.18M |
Financing Estimate
| Type | Amount |
|---|---|
| Acquisition Loan (80%) | $2.00M |
| Construction Loan (65%) | $393K |
| Cash at Close | $575K |
| Cash During Build | $212K |
| Total Cash Needed | $787K |
Want to build something like this?
Share your goals and we'll figure out next steps.