| APN | 406-16-083 |
| Zoning | NC-MU — Neighborhood Commercial Mixed Use |
| Buildings | Two 3-story Type V-B; tuck-under 2-car garages off central fire lane on Burrows Road |
| Subdivision | 8-lot small-lot subdivision plus common private street, processed under SB 684 |
| Entitlement | Approved, City of Campbell file PLN-2025-57, submitted April 24, 2025 |
The site is a corner parcel at W Hacienda Avenue and Burrows Road. Geotechnical findings are favorable: dense sandy gravel with 2,500 psf bearing, no groundwater to 20 feet, low expansion, not in a liquefaction or Alquist-Priolo zone, FEMA Zone X, which supports conventional spread or mat foundations.
The project is approved. The City of Campbell lists file PLN-2025-57 as Approved on its published Starter Home Projects status table, at 8 units on Mixed-Use zoning. Approval was ministerial under the Starter Home Revitalization Act, which means it was granted without a public hearing, without public notice, and with no neighbor right of appeal or reconsideration. A building permit may be issued before the final map is recorded, subject to a recorded covenant and security for required right-of-way improvements.
Two points of context for a buyer. A starter home approval is valid for 24 months, within which either a final map must be recorded or a building permit must be issued, or the approval expires. A buyer inherits the remaining term rather than a fresh 24 months, so the approval date should be confirmed directly with the Campbell Planning Division. Separately, starter home projects are not subject to floor area ratio or lot coverage standards, and the applicable side and rear setback standard is 4 feet with the front setback reduced by the depth of the required right-of-way dedication. The setback notations shown on the 2025 plan set are therefore not an outstanding approval risk.
| Plan | Beds / Baths | Living SF | Units |
|---|---|---|---|
| Unit 1 | 3 BD / 3.5 BA | 1,712 | 4 |
| Unit 2A | 4 BD / 3.5 BA | 2,276 | 1 |
| Unit 2B | 4 BD / 3.5 BA | 2,262 | 1 |
| Unit 2C | 3 BD / 2.5 BA | 1,987 | 1 |
| Flat (deed-restricted) | 1 BD / 1 BA | 499 | 1 |
| Total | 13,964 | 8 |
The average living area across all 8 units is 1,734 square feet against a 1,750 square foot cap, leaving 128 square feet of headroom for the entire project. Any area added during design development would place the project over the cap. The 1-bedroom flat is not a required affordable unit — Campbell’s 15% inclusionary requirement allows projects of 5 to 9 units to satisfy the obligation by fee, so the flat is elective, and it is what brings the project average within the cap.
Market-rate exit values across the seven for-sale townhomes.
| Plan | Living SF | Base Price Each |
|---|---|---|
| Unit 1 | 1,712 | $1.542M |
| Unit 2A | 2,276 | $1.999M |
| Unit 2B | 2,262 | $1.988M |
| Unit 2C | 1,987 | $1.766M |
| Flat (moderate-income restricted) | 499 | $0.535M |
Base pricing is set at current asking levels for competing new-construction product in Campbell 95008. It does not assume pricing above what the market is being asked to pay today.
Headline valuation. Per-door basis shown beneath each scenario.
Base supported land of $2.74M sits about $860K below the $3.60M ask. The ask is not reached in any scenario, including Bull, which falls about $110K short. Per-door basis runs $239K to $437K across the range.
| Scenario | Units | Unit SF | BMR | Market $/SF | Market Unit Value | Gross Income | Land % | Supported Land |
|---|---|---|---|---|---|---|---|---|
| Bear | 7 | 1,910 | 1 | $821 | $1,568,571 | $11.52M | 17% | $1.97M |
| Conservative | 7 | 1,910 | 1 | $857 | $1,637,143 | $12.00M | 19% | $2.28M |
| Base (optimal) | 7 | 1,910 | 1 | $893 | $1,705,714 | $12.48M | 22% | $2.74M |
| Bull | 7 | 1,910 | 1 | $956 | $1,825,714 | $13.32M | 27% | $3.60M |
7 market-rate townhomes (avg 1,910 SF) plus 1 deed-restricted moderate-income flat (BMR). Gross Income includes the BMR flat at $0.535M. Land % is supported land as a share of Gross Income; the $3.60M ask is only reached at Bull execution.
| Address | Beds | Living SF | Sale Price | Price/SF | Sold | Type |
|---|---|---|---|---|---|---|
| 440 W Hacienda Ave | 3 BD | 1,597 | $1,339,888 | $839 | Oct 2025 | Resale, same street |
| Address | Living SF | Sale Price | Price/SF | Sold | Notes |
|---|---|---|---|---|---|
| 271 Wagon Way #38-03 | 2,094 | $1,828,610 | $873 | Jun 2026 | Size-matched anchor for Units 2A, 2B and 2C. Closed against a list already reduced 3.9%, after 57 days on market. |
| 238 Railway Ave | 1,868 | $1,580,000 | $845 | Jan 2026 | Near-new |
| 515 Union Ave | 1,332 | $1,062,000 | $797 | Jun 2026 | Closed against a list reduced 15.9% from original ask, after 56 days on market. |
| 404 Robin Ridge Way | 1,507 | $1,680,000 | $1,114 | Sep 2025 | Premium outlier, upper bracket |
| Address | Living SF | Sale Price | Price/SF | Sold |
|---|---|---|---|---|
| 136 Lottie Lane | 2,100 | $2,150,000 | $1,023 | Mar 2026 |
| 616 Sunsweet Way | 2,159 | $2,100,000 | $972 | May 2026 |
| 466 Sam Cava Lane | 2,153 | $2,000,000 | $928 | Mar 2026 |
The competing new-construction community in Campbell 95008 is actively reducing asking prices. Seven of ten units that have been re-listed have been cut, at a median of 4.0%, and none have been raised. Current asking levels by plan size:
28 closed Campbell 95008 townhomes in the 1,300 to 1,750 SF range, median $798 per SF.
Deed-restricted comp for the moderate-income flat: 521 Union Ave, new construction, 1,334 SF, sold $510,324 ($382 per SF) in June 2025. This comp is now over 12 months old.
Exit prices are derived from size-matched new-construction townhome asking prices and closings in Campbell 95008, fitted across the local market with size-proximity weighting so price per square foot eases on larger units. Base pricing is calibrated to current asking levels rather than to original asking levels, because the competing new-construction community has been reducing prices. Only two new-construction closings exist in the current data window, so the comparable set is weighted toward asking prices and should be re-tested as further sales close. A same-street resale cross-check supports the new-build premium applied. Supported land is the four-scenario residual against total project value. The scenario spread reflects a view of the 2027 and 2028 market and is a judgment, not an observed figure.
Figures are estimates for planning use and are not an appraisal.