SB 1211 for 20-unit apartment in Fullerton
In Fullerton, a 20-unit 20-unit apartment just became one of the highest-yield SB 1211 typologies — 13 new homes, ministerially approved. At Fullerton's median rent of $2,500/mo, that's ~$390K in additional gross annual rent.
The Fullerton scenario
The capital stack on a typical Fullerton 20-unit apartment project: existing equity (the lot itself, owned outright in many cases), construction loan against the new ADU appraised value, refi at completion against the stabilized rent roll.
Fullerton-specific note: University demand.
Large multifamily (10+ unit) design playbook
A 20-unit complex is capped at 8 detached ADUs by statute, so the play shifts toward interior conversions: max(1, ⌊units × 25%⌋) = 5 additional units carved from common rooms, oversized lobbies, basement storage, or laundry rooms.
Pro-forma snapshot
| Existing units | 20 |
| Detached ADUs (SB 1211) | 8 |
| Interior conversions | 5 |
| Total new units | 13 |
| Median 1BR rent in Fullerton | $2,500/mo |
| Est. additional gross rent | $390K/yr |
| Estimated total project cost | ~$2,621K |
| Year-1 NOI estimate | ~$293K |
| Stabilized cap rate at cost | 11.2% |
| Replacement parking required | No (§66313) |
| Approval pathway | Ministerial · §66314 |
| Typical permit timeline in Fullerton | 75-120 days |
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