SB 1211 for 24-unit apartment in Thousand Oaks
In Thousand Oaks, a 24-unit 24-unit apartment just became one of the highest-yield SB 1211 typologies — 14 new homes, ministerially approved. At Thousand Oaks's median rent of $2,700/mo, that's ~$454K in additional gross annual rent.
The Thousand Oaks scenario
The capital stack on a typical Thousand Oaks 24-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.
Thousand Oaks watch: Hillside ordinances on some lots.
Large multifamily (10+ unit) design playbook
A 24-unit complex is capped at 8 detached ADUs by statute, so the play shifts toward interior conversions: max(1, ⌊units × 25%⌋) = 6 additional units carved from common rooms, oversized lobbies, basement storage, or laundry rooms.
Pro-forma snapshot
| Existing units | 24 |
| Detached ADUs (SB 1211) | 8 |
| Interior conversions | 6 |
| Total new units | 14 |
| Median 1BR rent in Thousand Oaks | $2,700/mo |
| Est. additional gross rent | $454K/yr |
| Estimated total project cost | ~$2,822K |
| Year-1 NOI estimate | ~$341K |
| Stabilized cap rate at cost | 12.1% |
| Replacement parking required | No (§66313) |
| Approval pathway | Ministerial · §66314 |
| Typical permit timeline in Thousand Oaks | 75-120 days |
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