# 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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