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270 Ferris Street Claremont, CA 91711

3 Beds 2 Baths 1,626 sqft Built 1978

$738,500

List Price

$2,740

$2.5K - $3K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 1978
  • Price/Sqft : $454.18
  • 2 Days on Market
  • MLS # : CV20228397
  • Updated Date : 11/02/2020 at 18:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,626 sqft
  • Baths : 2 full
Listing Agent

Wheeler Steffen Sotheby's Int.

Listing Agent's Description

BEAUTIFUL NORTH CLAREMONT 1-STORY HOME IN CONDIT SCHOOL DISTRICT. Prime locale in a peaceful neighborhood. Great kitchen with stone counters opens to a comfortable Family room with brick fireplace. Living room with vaulted ceiling. Friendly dining room for cozy gatherings. Dual pane windows & doors. Private yard features a swimming pool & spa, block wall fencing, covered patio, mature landscaping, and grassy yard areas. 3-car garage & potential RV/Boat parking. A rare home seldom found available.

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MARKET HIGHLIGHTS

  • 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)
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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]
  • 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's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: North Claremont

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: North Claremont

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $16653697

* 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
Condit Elementary School Primary Regular 687 26 7
Condit Elementary School Middle Regular 687 26 7
Claremont High School High Regular 2,423 92 9

Condit Elementary School

  • Education Level: Primary
  • # of students: 687
  • # of teachers: 26
7
GreatSchools Rating

Condit Elementary School

  • Education Level: Middle
  • # of students: 687
  • # of teachers: 26
7
GreatSchools Rating

Claremont High School

  • Education Level: High
  • # of students: 2,423
  • # of teachers: 92
9
GreatSchools Rating
 

$664,650$812,350$738,500

PURCHASE PRICE

$2,466$3,014$2,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,740
EXPENSES Loan Payment -$2,725
Property Tax -$779
Property Insurance -$66
Property Management Fees -$134
CASH FLOW
-$964

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.

$738,500

PROJECTED PRICE

$2,740

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 4.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.05%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$201,453

INVESTMENT

$201,453

Down Payment
$184,625
Rehab Estimate
$5,750
Closing Costs
$11,078

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,725

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $184,625
Loan Amount $553,875
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,311

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,740

    LIST RENT
  • $1.69

    LIST RENT PER SQFT
  • $2,740

    COMP ESTIMATED VALUE
  • $1.69

    COMP AVG. RENT PER SQFT
Comps Range
$2,550
1$2,5502$2,7003$2,7404$2,9955$3,150
$3,150
RENT COMPS ANALYSIS
  • 270 Ferris Street Claremont, CA 3
    • 3 beds 2 baths ∙ 1,626 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,626 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $2,740
    • $1.69
    •  
  • 2069 New Haven Avenue Claremont, CA 1
    • 3 beds 3 baths ∙ 1,509 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,509 Sqft ∙ Built 1998
    LEASED 06/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.69
    •  
  • 246 Wagner Drive Claremont, CA 2
    • 3 beds 2 baths ∙ 1,713 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,713 Sqft ∙ Built 1963
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.58
    •  
  • 610 Charleston Claremont, CA 4
    • 3 beds 2 baths ∙ 1,773 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,773 Sqft ∙ Built 1975
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.69
    •  
  • 2307 Jamestown Court Claremont, CA 5
    • 3 beds 2 baths ∙ 1,773 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,773 Sqft ∙ Built 1976
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $1.78
    •  
PROPERTY LISTING DETAILS
Geoffrey Hamill
Wheeler Steffen Sotheby's Int.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20228397
Last Updated: 11/02/2020
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