University Avenue

Overview

• Type: Four New Single-Family Homes
• Regulatory Approach: SB 1123
• City: Mountain View (Peninsula)
• Total Cost: $6.6m
• # of Homes: 5
• Cost per Home: $1.3m
• Timeline: 24 months

Site Plans

Before

After

Development Approach

This compound used the following regulatory approach to develop the homes shown.

Not Applicable: SB1123 Small-Lot

SB1123 does not apply: property is not vacant.

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.

Timeline

• Design: 3 months
• Permitting: 8 months
• Site Work: 3 months
• Construction: 10 months
• Total Duration: 24 months (~2.0 years)

Financials

Total Project Cost

• Total Project Cost: $6,574,627

• # of new units: 5

• Total new sq ft: 6,932

• Acquisition: 27%

• Soft Costs: 11%

• Hard Costs: 63%

Cost Breakdown

• Acquisition: $1,751,000
• Soft Costs: $695,007
• Hard Costs: $4,128,620

Unit Economics

• # of original homes: 1
• # of new homes: 4
• Total homes: 5

Costs Per Home

• Original Property (Acquisition only): $1.75M
• Build New Homes (Soft + Hard Costs): $4.82M
• All-In Total Project: $6.57M

Financing Estimate

• Acquisition Loan (80%): $1.36M
• Construction Loan (65%): $3.14M
• Cash at Close: $391K
• Cash During Build: $1.69M
• Total Cash Needed: $2.08M

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