Lot Split
sample report
Analysis of the property's maximum development potential based on the planning regulations
1544 Overland Dr.
San Mateo, CA
This is a Single-Family Residential property with 1 unit on a lot of 36,800 ft2. Property has 2,308 ft2 usable area assessed for property taxes. It has a total of 1 story (1 level), 8 rooms, 2 bathrooms.
Existing Building Usable area
~2,308
sqft
Lot area
~36,800
sqft
Presented by:
Development Potential
Possible LOT SPLIT
LOT 1 ~ 21,100 sqft + LOT 2 ~ 15,700 sqft
Possible TOTAL Building Area
~ $ 7,134 sqft
Est. Value Added
~ $ 3,003,200
January 9th, 2023
Summary
This is the total built area of the existing structure and the buildable area of the new building on the second new lot.
TOTAL Building area
~ 7,134 sqft
TOTAL Number of units
4
More Living Spaces
Based on the current zoning regulations, this property may have additional units. This means more living space for you, your family and possible tenants.
4 Primary Units
No ADUs
More Home Equity
The difference between the cost of improvement and the market value gives more value to the property. Check the Budget tab to see the new value after improvements.
~ $ 3,003,200
More Passive Income
Rental units are a great way to pay back the initial investment and to generate passive income. Check the Budget tab to see the average rents in the area.
$62,400 - $83,000/unit
Building Area
Existing Building area
~2,308
sqft
Lot 1 area
~21,100
sqft
New Building area
~4,826
sqft
Lot 2 area
~15,700
sqft
LOT 1 (new)
LOT 2 (new)
Existing Building
New Building
Building Area
2,308 sqft
Levels
1
Units
2 (1 Existing + 1 New)
Garage
2
Existing ADU
0
Building Area
4,826 sqft
Levels
2
Units
2
Garage
2
ADU max. size
0
Horizontal Expansion
Vertical Expansion
Order Vertical Expansion
New House
Order Maximum House
Level 1
1,072 sqft
Level 2
3,754 sqft
* The building areas in this Report are just estimates based on our interpretation of the current Planning Code, policies, and the State Law. Verify it with the local planner, architect and/or a surveyor. CityStructure Group Inc disclaims any representation or warranties as to the accuracy of the presented information.
Budget
The cost of a construction project depends on the site conditions, available utilities and the type of spaces you want to build. Below are only rough estimates.
COST of the improvements
~ $ 1,936,100
ADDED VALUE to the property
~ $ 3,003,200
HARD COSTS (construction) = $ 1,759,100
Building new area
~ $ 350.00
/sqft
$ 1,689,100
Remodel existing house
-
/sqft
-
Demo / site work
-
/sqft
$ 70,000
New roof
-
/sqft
-
SOFT COSTS (services) = $ 177,800
Professional fees
~ 10.0
%
$ 176,000
Permit Fees
~ 1.00
%
$ 1,800
Avg. rents/unit in the area
1 Bd. + 1 Ba
~ $ 38,400 / year
3 Bd. + 1 Ba
~ $ 68,400 / year
2 Bd. + 1 Ba
~ $ 54,000 / year
3 Bd. + 2 Ba
~ $ 83,000 / year
* Consult your Realtor for a more accurate estimate of the new property value and rents in the area
Financing
Your lending options depend widely on your financial context and ownership status to this property. Considering the scope of the work, these are the most commune loan options:
FHA 203(k) loan
An FHA 203k loan is a mortgage loan that allows you to purchase a property needing repairs or renovations and include the costs in the mortgage. With a 203k, borrowers must complete renovations within 6 months of closing. Read more ...
Home Construction Loan
Construction loans are short-term, interim loans used for new home construction. The contractor receives disbursements as work progresses. Read more ...
Home Equity Loan
Borrowing against the equity in your home is a cheaper way to finance renovations than putting the cost on a credit card, whether you choose a home equity loan or a HELOC. One drawback is that both types of loans require you to pay closing costs and fees similar to a traditional mortgage. Read more ...
* CityStructure Group Inc doesn't back up any of the lenders. This information is presented just for your convenience. We encourage you to do your own research.
Financing Options
The loan options depend widely based on your personal context, your goals and the property. Read the Financing Options tab to learn about different loan options typical for home improvement. You can also consult with different lenders for more information.
Contact Lender*
* CityStructure Group Inc doesn't back up any of the lenders. This information is presented just for your convenience. We encourage you to do your own research.
Team
Construction projects follow few Phases: Schematic or Design, Permit and Construction Phase. Below is a list of professionals you may need to help you complete each Phase for this type of project. Need referrals?
Schedule 30min.
FREE phone consultation
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Available for: San Francisco county, San Mateo county , Contra Costa county , Alameda county, Redwood city, San Bruno city, San Jose city, San Pablo city, Marin county and San Diego county, more soon. This report is available for residential properties a lot up to 10,000 sqft. We have available Complete Development Packages for commercial and over 10,001 sqft properties.
Code References
The calculations of the possible new additions to the existing building on this property are based on the state and local planning regulations applicable to this lot.
Read below few of the regulations we followed in this analysis.
Zoning: R-1(Single-Family Residential) District
The R1 Single-Family Residence Districts are intended to create, preserve and enhance areas suitable for single-family dwellings with a substantial presence of open space and opportunities for outdoor living. The R1 districts are intended to protect the character and variety of neighborhoods, preserve privacy and prevent burdens on public facilities, while allowing reasonable housing opportunities for families.
Height Restrictions: 24 ft
The maximum height of structures shall be 24 feet measured from existing grade to the building plate line and 32 feet measured from the existing grade to the highest point of the roof. Existing residences that exceed these limits may construct additions in accordance with their existing rooflines. Daylight plane. No structure shall extend above or beyond a daylight plane having a height of twelve (12) feet at each side property line and extending into the parcel at an angle of forty-five (45) degrees.
Bonus: Senate Bill 9
This new California State regulations permit two units in single-family zone or lot split for 2,400SF lots or larger. Additional eligibility conditions apply.
ADU: Eligible
Accessory Dwelling Units (ADUs), also called secondary units, in-law units, or cottages, are accessory units. Adding an ADU to your property can provide several benefits, such as providing housing for family members, simplifying your lifestyle, and increased financial flexibility. Learn more about building ADU in this article
CEQA: Unknown historic status or “Not evaluated”
“Not evaluated” properties or which have a temporary designation NRSC/CHRSC of 7 while waiting for evaluation from the State Office of Historic Preservation need additional investigation to determine the underlying information / evidence regarding its historic status. Read more here...
Order yours for only $199
Available for: San Francisco county, San Mateo county , Contra Costa county , Alameda county, Redwood city, San Bruno city, San Jose city, San Pablo city, Marin county and San Diego county, more soon. This report is available for residential properties a lot up to 7,000 sqft. We have available Complete Development Packages for commercial and over 7,001 sqft properties.