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1235 Paloma Ave Burlingame, CA 94010

2 Beds 1 Baths 1,190 sqft Built 1924

$1,599,000

List Price

$4,120

$3.9K - $4.4K

Rent Est.

PROPERTY INFO

January 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1924
  • Price/Sqft : $1,343.70
  • 7 Days on Market
  • MLS # : ML81824477
  • Updated Date : 01/05/2021 at 08:25
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,190 sqft
  • Baths : 1 full
Listing Agent

Compass

Listing Agent's Description

Welcome to 1235 Paloma Ave. This charming, well-maintained bungalow-style home is located one block away from iconic downtown Broadway. As you enter this illuminated home, a brick fireplace invites you and your family to a lovely and cozy living space. The classic hardwood floors, plantation shutters, and the bright bedrooms supplement the appeal as well. A large kitchen and bathroom gives the next buyer an opportunity to remodel to their liking. In addition, a spacious detached garage provides ample room for multiple vehicles or a potential ADU conversion. The palm tree-lined backyard with a custom deck offers a daily private getaway. This home is also convenient to Burlingame Ave, U.S. 101, SFO, El Camino, BART, and Caltrain.

SEE MORE

MARKET HIGHLIGHTS

  • Palo Alto, Redwood City, Mountain View and San Mateo together attracted around $11 billion in venture capital funding in 2019 making Silicon Valley still attractive to technology investments (Crunchbase News, 2020)
  • San Jose metro has 67.6% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • San Jose metro's economy has been worth $282.2 billion in Gross Metro Product (GMP) in 2018 and is projected to grow to $298.6 billion in 2019. GMP measures the productivity of the metro. (USMayors.org, 2018)
  • San Jose metro employment growth has been at 2.2% in 2018 and predicted to grow at 1.9% in 2019 (USMayors.org, 2018)
  • San Jose metro contributes to 9% of California state's economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Burlingame Grove

NeighborhoodNIR Market*CityMarket2010Year20002019600k800k1000k1200k1400k1600k1800k2000k2200kPrice in $450k2244k

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

Neighborhood: Burlingame Grove

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q2250030003500400045005000550060006500Rent in $24126933

* 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
Lincoln Elementary School Primary Regular 495 21 9
Burlingame Intermediate School Middle Regular 1,004 46 9
Burlingame High School High Regular 1,316 64 10

Lincoln Elementary School

  • Education Level: Primary
  • # of students: 495
  • # of teachers: 21
9
GreatSchools Rating

Burlingame Intermediate School

  • Education Level: Middle
  • # of students: 1,004
  • # of teachers: 46
9
GreatSchools Rating

Burlingame High School

  • Education Level: High
  • # of students: 1,316
  • # of teachers: 64
10
GreatSchools Rating
 

$1,439,100$1,758,900$1,599,000

PURCHASE PRICE

$3,708$4,532$4,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,120
EXPENSES Loan Payment -$5,554
Property Tax -$1,558
Property Insurance -$56
Property Management Fees -$161
CASH FLOW
-$3,208

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$1,599,000

PROJECTED PRICE

$4,120

PROJECTED RENT

0.26%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.83%
Appreciation Year (1-5) 11.9%
Maintenance Year (1-5) 8.00%
Vacancy 5.92%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M$6.0M

PROJECTED ANNUAL CASH FLOW

11530-$50k-$40k-$30k-$20k-$10k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M$6.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$429,485

INVESTMENT

$429,485

Down Payment
$399,750
Rehab Estimate
$5,750
Closing Costs
$23,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$5,554

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $399,750
Loan Amount $1,199,250
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$68

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,120

    LIST RENT
  • $3.46

    LIST RENT PER SQFT
  • $4,125

    COMP ESTIMATED VALUE
  • $3.47

    COMP AVG. RENT PER SQFT
Comps Range
$3,700
1$3,7002$4,1203$4,2004$4,600
$4,600
RENT COMPS ANALYSIS
  • 1235 Paloma Ave Burlingame, CA 2
    • 2 beds 1 baths ∙ 1,190 Sqft ∙ Built 1924 2 beds 1 baths ∙ 1,190 Sqft ∙ Built 1924
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $4,120
    • $3.46
    •  
  • 1032 Paloma Ave 1032 Burlingame, CA 1
    • 2 beds 2 baths ∙ 1,100 Sqft ∙ Built 1927 2 beds 2 baths ∙ 1,100 Sqft ∙ Built 1927
    property image
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $3.36
    •  
  • 1045 Paloma Ave Burlingame, CA 3
    • 2 beds 1 baths ∙ 1,200 Sqft ∙ Built 1932 2 beds 1 baths ∙ 1,200 Sqft ∙ Built 1932
    property image
    LEASED 11/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $3.50
    •  
  • 1225 Drake Ave Burlingame, CA 4
    • 2 beds 1 baths ∙ 1,300 Sqft ∙ Built 1923 2 beds 1 baths ∙ 1,300 Sqft ∙ Built 1923
    property image
    LEASED 09/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,600
    • $3.54
    •  
PROPERTY LISTING DETAILS
Gino Mazzoni
Compass
BESbswy