Carberry Avenue

Summary

Type: Two New Single Family Homes and an Existing Primary Home
Regulatory Approach: SB 684
City: Oakland (East Bay)
Total Cost: $4.1m
# of Homes: 3
Cost per home: $1.4m
Timeline: 20 months

Site Plans

Before

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After

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Development Approach

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

Selected : ✓

Qualified for SB684 Multifamily Development

This property qualifies for up to 10 primary units on subdivided parcels with potential ADUs.

Other potential development scenarios : ✓

Qualified for an ADU

This property qualifies for a new detached ADU.

Not Applicable: SB9

SB9 does not apply: not single-family zoned.

Not Applicable: SB1123 Small-Lot

SB1123 does not apply: not single-family zoned, 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

• $4,111,919
• 3 new units · 3,155 new sf
• Acquisition: 46%
• Soft Costs: 8%
• Hard Costs: 46%

Breakdown

• Acquisition: $1,882,941
• Soft Costs: $330,976
• Hard Costs: $1,898,003

Unit Economics

• Original Property
• # of original homes: 1
• # of new homes: 2
• Total homes: 3

Per Home Costs

• Acquisition only: $1.88M
• Build New Homes: $1.11M
• Soft + hard costs: $1.37M

Square Footage

• # of original sq ft: 6,642
• # of new sq ft: 3,155
• Total sq ft: 9,797

Per Sq Ft Costs

• Acquisition: $283
• Build New Homes: $706
• Soft + hard costs: $420

Total Financing Estimate

• Acquisition Loan (80%): $1.46M
• Construction Loan (65%): $1.45M
• Cash at Close: $420K
• Cash During Build: $780K
• Total Cash Needed: $1.20M

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