A boutique 26-unit ground-up multifamily development steps from the University of San Diego — underwritten below with every assumption open for you to test.
By-right · fully entitledMission Valley, San Diego26 units · 6 stories
Total project cost
$8,350,000
Equity being raised
$750,000
Modeled IRR
23.0%
Equity multiple
2.76x
Your model, live
IRR—
Equity multiple—
Total return—
NOI—
01 — Overview
Executive summary
26 on Riley is a boutique 26-unit multifamily development positioned in one of San Diego’s most resilient rental corridors, steps from the University of San Diego and major employment hubs. Designed for efficient construction and long-term cash flow, the project benefits from a clear ministerial approval pathway and strong market fundamentals. Investors gain exposure to a high-demand asset with stable returns and multiple exit strategies.
By-right developmentEntitled under state law (Complete Communities) — near shovel-ready, no discretionary hearing risk.
Walkable locationSteps from USD, Fashion Valley, transit and Mission Valley employment centers.
Off-market acquisitionPurchased direct from seller — no broker fees or commission drag on the cap stack.
02 — Program
Unit mix
The project is designed at 26 units — the maximum achievable density under current zoning and site constraints — balancing construction efficiency, operating performance and long-term profitability.
Studio units
21
Efficient, compact units for students & young professionals
1-bedroom units
5
Sized for roommate sharing & a rent premium
Total units
26
Maximum density under current zoning
Building section — Levels 2–6, roof deck at Level 6
03 — Capitalization
Sources & total project cost
Every line below is editable — the capital stack and project cost re-total as you type.
Drives valuation, debt service & distributions below
06 — Cash flow
Cash flow summary
Net operating income
$473,310
Annual, from the proforma above
Debt service (interest only)
$368,910
On $7,600,000 of debt at 4.85%
Distributable cash flow (EBITDA)
$104,400
$8,700 / month to equity
07 — Exit
Disposition analysis
The model is stress-tested across a range of exit cap rates, with projected rents held below current market to build in a downside cushion. Value equals net operating income divided by the exit cap rate.
Your exit cap rate assumption4.50%
Exit cap rate
Sale value
Profit
08 — Your position
Your projected return
Your investment$150,000
$
Your profit share on sale10.0%
%
Months of cash distributions36 mo
Projected hold period48 mo
= 20.0% of the $750,000 equity raise (for reference — your investment and profit share above are set independently, matching how this deal is structured)
Projected IRR
23.0%
Equity multiple
2.76x
Total return (incl. capital)
$414,720
IRR assumes your investment is called in one lump sum at close, distributions land in the final months before exit, and profit share plus your capital are returned together at sale.
Monthly cash dividend (your profit share × EBITDA)$870 / mo
Cash distributions received (36 months)$31,320
Profit share at sale$233,400
Return of initial investment at sale$150,000
Total received$414,720
09 — Schedule
Timeline
Permitting
6–9 months
Construction
18–24 months
Lease-up & stabilization
~12 months
Exit
3–6 months
Total projected timeline: 39–51 months from close to exit.
