SB 1211 for 8-unit apartment in Thousand Oaks
In Thousand Oaks, a 8-unit 8-unit apartment just became one of the highest-yield SB 1211 typologies — 10 new homes, ministerially approved. At Thousand Oaks's median rent of $2,700/mo, that's ~$324K in additional gross annual rent.
The Thousand Oaks scenario
The capital stack on a typical Thousand Oaks 8-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.
Mid-size multifamily (5–8 unit) design playbook
This is SB 1211's sweet spot. A 8-unit existing building maxes out the 8-detached cap (or comes close), so design moves are about packing detached ADUs efficiently around the existing structure and converting underutilized parking.
Pro-forma snapshot
| Existing units | 8 |
| Detached ADUs (SB 1211) | 8 |
| Interior conversions | 2 |
| Total new units | 10 |
| Median 1BR rent in Thousand Oaks | $2,700/mo |
| Est. additional gross rent | $324K/yr |
| Estimated total project cost | ~$2,464K |
| Year-1 NOI estimate | ~$243K |
| Stabilized cap rate at cost | 9.9% |
| Replacement parking required | No (§66313) |
| Approval pathway | Ministerial · §66314 |
| Typical permit timeline in Thousand Oaks | 75-120 days |
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