# Highland Avenue

## Type
Two New Single-Family Homes and an Existing Primary Home

## Regulatory Approach
SB 684

## City
San Mateo (Peninsula)

## Total Cost
$3.5m

## Number of Homes
3

## Cost per Home
$1.2m

## Timeline
21 months

### Before

Click to enlarge

### After

Click to enlarge

## 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
| Stage            | Duration |
|------------------|----------|
| Design           | 2 months |
| Permitting       | 8 months |
| Site Work        | 1 month  |
| Construction     | 10 months|
| **Total Duration**| **21 months** |

## Financials
### Total Project Cost
$3,529,787

- 3 new units · 2,708 new sf
- **Acquisition** 45%
- **Soft Costs** 8%
- **Hard Costs** 47%

| Cost Component   | Amount       |
|------------------|--------------|
| Acquisition      | $1,596,500   |
| Soft Costs       | $274,507     |
| Hard Costs       | $1,658,780   |

### Unit Economics
- **Original Property**
  - # of original homes: 1
  - # of new homes: 2
  - Total homes: 3
  - Per Home: $1.60M

- **Build New Homes**
  - Per Home: $1.18M

|                      | Amount       |
|----------------------|--------------|
| # of original sq ft  | 2,286        |
| # of new sq ft       | 2,708        |
| Total sq ft          | 4,994        |

### Financing Estimate
- **Acquisition Loan (80%)**: $1.24M
- **Construction Loan (65%)**: $1.26M
- **Cash at Close**: $357K
- **Cash During Build**: $677K
- **Total Cash Needed**: $1.03M

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