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2302 Cherrystone Dr San Jose, CA 95128

4 Beds 2 Baths 2,004 sqft Built 1950

$1,850,000

List Price

$4,460

$4.2K - $4.7K

Rent Est.

PROPERTY INFO

January 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $923.15
  • 7 Days on Market
  • MLS # : ML81825317
  • Updated Date : 01/15/2021 at 17:19
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,004 sqft
  • Baths : 2 full
Listing Agent

Alpine Realty & Finance, Inc.

Listing Agent's Description

Stunning Beautiful Custom Modern Farmhouse Designed by Brian Ganz. Recently Completed in October 2018. Gourmet Chef Style Kitchen Features 14ft. Vaulted Ceilings, Skylights, Top-of-the-Line Appliances, Multi-Level Cabinetry, Walk-In Pantry, Large Custom Island, Custom Corner Cabinet Media Center. 7" Wide Oak Plank Finished Floors. Living Room Features High-End Custom Stone Work & Knotty Alder Mantel Fireplace, Built-in Ceiling Surround Speakers, Media Storage Area, Pre-Wired for Large Flat Screen TV. Spacious Master Suite Features a 10ft. Custom Ceiling w/ Knotty Alder Stained Barn Door, Walk-in Closet with Custom Built Cabinets. Master Bathroom Includes Custom Made Dual Sink Vanity & Mirror, Special Elegantly Designed Bath & Shower Units. Gorgeous Molding, Plantation Shutters, & Recessed LED Lightings throughout. Pre-wired Alarm Key-Pads, High-End Attic Furnace with A/C, Tankless Water Heater, Electric Car Charging Station. Central Location.

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: Cory

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200kPrice in $363k1220k

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

Neighborhood: Cory

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2160018002000220024002600280030003200340036003800Rent in $15853804

* 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
Trace Elementary School Primary Regular 979 35 4
Hoover Middle School Middle Magnet 1,074 49 3
Abraham Lincoln High School High Regular 1,851 79 7

Trace Elementary School

  • Education Level: Primary
  • # of students: 979
  • # of teachers: 35
4
GreatSchools Rating

Hoover Middle School

  • Education Level: Middle
  • # of students: 1,074
  • # of teachers: 49
3
GreatSchools Rating

Abraham Lincoln High School

  • Education Level: High
  • # of students: 1,851
  • # of teachers: 79
7
GreatSchools Rating
 

$1,665,000$2,035,000$1,850,000

PURCHASE PRICE

$4,014$4,906$4,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,460
EXPENSES Loan Payment -$6,426
Property Tax -$2,066
Property Insurance -$75
Property Management Fees -$174
CASH FLOW
-$4,281

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$1,850,000

PROJECTED PRICE

$4,460

PROJECTED RENT

0.24%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 13.8%
Maintenance Year (1-5) 8.00%
Vacancy 5.19%
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$7.0M

PROJECTED ANNUAL CASH FLOW

11530-$70k-$60k-$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$7.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$496,000

INVESTMENT

$496,000

Down Payment
$462,500
Rehab Estimate
$5,750
Closing Costs
$27,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$6,426

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $462,500
Loan Amount $1,387,500
See What Happens When You Reinvest Cash Flow

-0.25

YEARS SAVED

-$220

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,460

    LIST RENT
  • $2.23

    LIST RENT PER SQFT
  • $4,709

    COMP ESTIMATED VALUE
  • $2.35

    COMP AVG. RENT PER SQFT
Comps Range
$3,800
1$3,8002$4,4603$4,500
$4,500
RENT COMPS ANALYSIS
  • 2302 Cherrystone Dr San Jose, CA 2
    • 4 beds 2 baths ∙ 2,004 Sqft ∙ Built 1950 4 beds 2 baths ∙ 2,004 Sqft ∙ Built 1950
    • Rent
    • Rent Per SQFT
    •  
    • $4,460
    • $2.23
    •  
  • 1818 Clay St Santa Clara, CA 1
    • 3 beds 2 baths ∙ 1,915 Sqft ∙ Built 1946 3 beds 2 baths ∙ 1,915 Sqft ∙ Built 1946
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $1.98
    •  
  • 2909 Toyon Dr Santa Clara, CA 3
    • 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 1963
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.72
    •  
PROPERTY LISTING DETAILS
Nancy Huynh
Alpine Realty & Finance, Inc.
BESbswy