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2602 Meridian Ave San Jose, CA 95124

3 Beds 2 Baths 1,296 sqft Built 1961

$1,100,000

List Price

$3,480

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1961
  • Price/Sqft : $848.77
  • 3 Days on Market
  • MLS # : ML81819184
  • Updated Date : 11/07/2020 at 16:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,296 sqft
  • Baths : 2 full
Listing Agent

Compass

Listing Agent's Description

A charming 3 bedroom, 2 bathroom home situated on the Cambrian Park and Willow Glen border. An open floor plan with plenty of natural light, this home features central air conditioning, double-pane windows, recessed lighting, solar panels (owned), newer roof, and gleaming hardwood floors. This home includes an updated kitchen with granite countertops and stainless steel appliances, remodeled bathrooms and a sunroom that serves as an extension to the family room. Relax in the low maintenance yard with turf lawn, fruit trees and a patio area. A wealth of nearby amenities including Zanotto's Willow Glen Market, Target, Kirk & Doerr Parks, and vibrant downtown Willow Glen with its many shops and restaurants. And just minutes away from light rail, Mineta San Jose International Airport, major freeways, CalTrain, and the proposed Google Village Campus.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Willow Glen South - Lincoln Glen

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600kPrice in $380k1665k

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

Neighborhood: Willow Glen South - Lincoln Glen

NeighborhoodNIR Market*CityMarket2010Year20002019 Q22000220024002600280030003200340036003800400042004400Rent in $18854493

* 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
Schallenberger Elementary School Primary Regular 531 19 6
Willow Glen Middle School Middle Regular 1,259 57 6
Willow Glen High School High Regular 1,660 75 7

Schallenberger Elementary School

  • Education Level: Primary
  • # of students: 531
  • # of teachers: 19
6
GreatSchools Rating

Willow Glen Middle School

  • Education Level: Middle
  • # of students: 1,259
  • # of teachers: 57
6
GreatSchools Rating

Willow Glen High School

  • Education Level: High
  • # of students: 1,660
  • # of teachers: 75
7
GreatSchools Rating
 

$990,000$1,210,000$1,100,000

PURCHASE PRICE

$3,132$3,828$3,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,480
EXPENSES Loan Payment -$4,059
Property Tax -$1,228
Property Insurance -$58
Property Management Fees -$136
CASH FLOW
-$2,001

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.

$1,100,000

PROJECTED PRICE

$3,480

PROJECTED RENT

0.32%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 11.0%
Maintenance Year (1-5) 8.00%
Vacancy 5.40%
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$3.0M$3.5M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$35k-$30k-$25k-$20k-$15k-$10k-$5.0k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$297,250

INVESTMENT

$297,250

Down Payment
$275,000
Rehab Estimate
$5,750
Closing Costs
$16,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,059

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $275,000
Loan Amount $825,000
See What Happens When You Reinvest Cash Flow

0

YEARS SAVED

$47

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,480

    LIST RENT
  • $2.69

    LIST RENT PER SQFT
  • $3,477

    COMP ESTIMATED VALUE
  • $2.68

    COMP AVG. RENT PER SQFT
Comps Range
$3,350
1$3,3502$3,4803$3,5504$3,7955$4,000
$4,000
RENT COMPS ANALYSIS
  • 2602 Meridian Ave San Jose, CA 2
    • 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1961
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,480
    • $2.69
    •  
  • 3119 Lowry Dr San Jose, CA 1
    • 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 1960
    property image
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $2.64
    •  
  • 1836 Rochelle Dr San Jose, CA 3
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1959
    property image
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $2.73
    •  
  • 1810 Brighten Ave San Jose, CA 4
    • 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1958
    property image
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,795
    • $2.56
    •  
  • 1514 San Joaquin Ave San Jose, CA 5
    • 3 beds 3 baths ∙ 1,430 Sqft ∙ Built 1954 3 beds 3 baths ∙ 1,430 Sqft ∙ Built 1954
    property image
    LEASED 10/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.80
    •  
PROPERTY LISTING DETAILS
Brad K. Le
Compass
BESbswy