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1253 Harrison Ave Redwood City, CA 94062

3 Beds 2 Baths 1,530 sqft Built 1959

INVESTimate

$1,585,000

List Price

$4,240

$3,990 - $4,490

Rent Est.

$1,734,149  ( +9.41%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1959
  • Price/Sqft : $1,035.95
  • 7 Days on Market
  • MLS # : ML81806943
  • Updated Date : 08/21/2020 at 09:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,530 sqft
  • Baths : 2 full
Listing Agent

Terrace Associates

Listing Agent's Description

Great Mount Carmel Location Close in but not too Close with some Bay Views. Two Car Detached Garage nice Rear Yard - Check Out the TourFactory Shoot including the Aerial Drone shots of the Surrounding Area!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Lexington Park

NeighborhoodNIR Market*CityMarket2010Year20002019500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600kPrice in $445k1625k

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

Neighborhood: Lexington Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q220002500300035004000450050005500Rent in $17055578

* 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
John Gill Elementary School Primary Regular 408 16 6
John F. Kennedy Middle School Middle Regular 728 36 5
Sequoia High School High Regular 2,135 109 6

John Gill Elementary School

  • Education Level: Primary
  • # of students: 408
  • # of teachers: 16
6
GreatSchools Rating

John F. Kennedy Middle School

  • Education Level: Middle
  • # of students: 728
  • # of teachers: 36
5
GreatSchools Rating

Sequoia High School

  • Education Level: High
  • # of students: 2,135
  • # of teachers: 109
6
GreatSchools Rating
 

$1,426,500$1,743,500$1,585,000

PURCHASE PRICE

$3,816$4,664$4,240

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,240
EXPENSES Loan Payment -$5,848
Property Tax -$1,453
Property Insurance -$64
Property Management Fees -$165
CASH FLOW
-$3,290

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.

$1,585,000

PROJECTED PRICE

$4,240

PROJECTED RENT

0.27%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.83%
Appreciation Year (1-5) 9.41%
Maintenance Year (1-5) 8.00%
Vacancy 5.92%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$425,775

INVESTMENT

$425,775

Down Payment
$396,250
Rehab Estimate
$5,750
Closing Costs
$23,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$5,848

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $396,250
Loan Amount $1,188,750
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$56

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,240

    LIST RENT
  • $2.77

    LIST RENT PER SQFT
  • $4,693

    COMP ESTIMATED VALUE
  • $3.07

    COMP AVG. RENT PER SQFT
Comps Range
$4,200
1$4,2002$4,2403$4,3954$4,6005$4,895
$4,895
RENT COMPS ANALYSIS
  • 1253 Harrison Ave Redwood City, 2
    • 3 beds 2 baths ∙ 1,530 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,530 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $4,240
    • $2.77
    •  
  • 1124 Grand St Redwood City, 1
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1953
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $3.11
    •  
  • 811 Madison Ave Redwood City, 3
    • 3 beds 2 baths ∙ 1,640 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,640 Sqft ∙ Built 1950
    LEASED 06/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,395
    • $2.68
    •  
  • 39 Shaw Ct Redwood City, 4
    • 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 1953
    LEASED 08/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,600
    • $3.38
    •  
  • 2085 Eaton Ave San Carlos, 5
    • 3 beds 2 baths ∙ 1,580 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,580 Sqft ∙ Built 1941
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,895
    • $3.10
    •  
PROPERTY LISTING DETAILS
Tim Mckeegan
Terrace Associates
BESbswy