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1114 Lincoln Avenue Pasadena, CA 91103

3 Beds 2 Baths 1,502 sqft Built 1950

$895,000

List Price

$3,270

$3K - $3.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $595.87
  • 6 Days on Market
  • MLS # : CV21038160
  • Updated Date : 02/23/2021 at 21:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,502 sqft
  • Baths : 2 full
Listing Agent

First Team Real Estate

Listing Agent's Description

Don’t miss your opportunity to own this amazing three bedroom two bathroom updated home! Completely remodeled with… a brand new kitchen featuring quartz counters and hexagon floor tiles, a new bathroom with an oversized shower with glass doors and custom tile work and a large office area with a built in work station to use as the perfect home office space! In addition, all of the plank floors and baseboards are new and the interior has been freshly painted! The living room has a fireplace and a wall of windows that overlook the large patio, perfect for getting together with friends or family. The front bedroom has an expansive window overlooking the front yard and the master bedroom has a separate exterior side door entrance in the hallway. All bedrooms are located off a private hallway. The entire outside of the home was just professionally painted, the electrical box was upgraded and replaced, there is a new tankless water heater and central heat and air conditioning were just installed! (Permits were obtained for all work.) There is also an oversized two and a half car detached garage with plenty of room for a workshop! The large lot is a rare find! From the fenced in front yard, to the large elevated planters running the entire length of the side yard, to the private back yard, there is unlimited potential! Centrally located to all freeways, an easy walk to the Rose Bowl and less than two miles to downtown Pasadena and the Metro Gold Line. This home will not last!

SEE MORE

MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)

PRICE & RENT TRENDS

Neighborhood: Banbury Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $153k855k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Banbury Oaks

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800300032003400Rent in $14323569

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Cleveland Elementary School Primary Regular 210 10 3
Washington Middle School Middle Regular 513 28 1
John Muir High School High Regular 919 55 3

Cleveland Elementary School

  • Education Level: Primary
  • # of students: 210
  • # of teachers: 10
3
GreatSchools Rating

Washington Middle School

  • Education Level: Middle
  • # of students: 513
  • # of teachers: 28
1
GreatSchools Rating

John Muir High School

  • Education Level: High
  • # of students: 919
  • # of teachers: 55
3
GreatSchools Rating
 

$805,500$984,500$895,000

PURCHASE PRICE

$2,943$3,597$3,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,270
EXPENSES Loan Payment -$3,109
Property Tax -$870
Property Insurance -$63
Property Management Fees -$160
CASH FLOW
-$932

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$895,000

PROJECTED PRICE

$3,270

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 6.8%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$242,925

INVESTMENT

$242,925

Down Payment
$223,750
Rehab Estimate
$5,750
Closing Costs
$13,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$3,109

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $223,750
Loan Amount $671,250
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$5,301

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $3,270

    LIST RENT
  • $2.18

    LIST RENT PER SQFT
  • $3,400

    COMP ESTIMATED VALUE
  • $2.26

    COMP AVG. RENT PER SQFT
Comps Range
$3,000
1$3,0002$3,2703$3,9004$4,650
$4,650
RENT COMPS ANALYSIS
  • 1114 Lincoln Avenue Pasadena, CA 2
    • 3 beds 2 baths ∙ 1,502 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,502 Sqft ∙ Built 1950
    • Rent
    • Rent Per SQFT
    •  
    • $3,270
    • $2.18
    •  
  • 233 W Montana Street Pasadena, CA 1
    • 3 beds 1 baths ∙ 1,475 Sqft ∙ Built 1939 3 beds 1 baths ∙ 1,475 Sqft ∙ Built 1939
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.03
    •  
  • 422 S Orange Grove Boulevard Pasadena, CA 3
    • 3 beds 2 baths ∙ 1,851 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,851 Sqft ∙ Built 1963
    LEASED 01/03/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $2.11
    •  
  • 44 San Miguel Road Pasadena, CA 4
    • 3 beds 2 baths ∙ 1,754 Sqft ∙ Built 1935 3 beds 2 baths ∙ 1,754 Sqft ∙ Built 1935
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,650
    • $2.65
    •  
PROPERTY LISTING DETAILS
Robert Boccolucci
First Team Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21038160
Last Updated: 02/23/2021
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