How do you add value to an existing multifamily property without buying out tenants, or waiting for leases to turn, and implementing a typical renovation program? One of the easiest ways is to add additional dwelling units (ADUs) to the property by-right. At Green Development, maximizing revenue for multifamily owners through ADUs is common practice. ADUs are not a new…
Congratulation to the team at Green Development for the quickest entitlement approval to date. 3 months from submission to approval for a new construction detached accessory dwelling unit (ADU) duplex 649 SF each. Imagine doubling your unit count without the California land basis! Case Study (Conservative): Existing Duplex Multifamily ADU Hard + Soft Cost: $377,787 (188,893 /door) NoI: $36,000 ($2,000 Mnt/Unit…
Another one! Congrats to the team Green Development on this week’s Pasadena Multifamily ADU approval. Pasadena is a special city to work in and requires a hands-on approach to entitlement. During the permitting process, the City enacted a Design and Historic Ordinance making every property 45 years or older eligible for a Historic Review. Fortunate for our client, we have a…
