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2932 Westfield Ave San Jose, CA 95128

3 Beds 3 Baths 1,866 sqft Built 1964

INVESTimate

$1,330,000

List Price

$4,040

$3,790 - $4,290

Rent Est.

$1,483,615  ( +11.55%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1964
  • Price/Sqft : $712.75
  • 7 Days on Market
  • MLS # : ML81807007
  • Updated Date : 08/21/2020 at 21:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,866 sqft
  • Baths : 2 full , 1 half
Listing Agent

Altas Realty

Listing Agent's Description

Inviting, bright 3 bedroom, 2.5 bath home in a great neighborhood. Located on a corner lot, this 2-story home has curb appeal & a nice floor plan. Kitchen has tile counters, gas cooktop & a breakfast bar. There is a home theater room with projector, automatic screen & sound bar. Central A.C., dual pane windows, manufactured cherry hardwood floors, copper plumbing. Updated half bath. Family room has wood-burning fireplace. Large office has sliding glass doors that open to gorgeous back yard. Backyard has travertine tiles, pool storage area, built-in seating & outdoor rinsing shower. Pool was refinished with dark, natural, lake-like tones. To heat the pool, there are passive solar pool covers. Outdoor kitchen has granite countertops, built-in gas BBQ & outdoor wireless sound system. New exterior paint & gutters. Attached 2-car garage has workbench & automatic opener. Grapefruit tree in front yard. Ideally located near Santana Row shopping & dining, Downtown Campbell & Freeways 280 & 880.

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: Castlemont

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200kPrice in $373k1277k

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

Neighborhood: Castlemont

NeighborhoodNIR Market*CityMarket2010Year20002019 Q218002000220024002600280030003200340036003800Rent in $16263804

* 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
Castlemont Elementary School Primary Charter 724 31 6
Monroe Middle School Middle Regular 884 39 5
Del Mar High School High Regular 1,108 49 6

Castlemont Elementary School

  • Education Level: Primary
  • # of students: 724
  • # of teachers: 31
6
GreatSchools Rating

Monroe Middle School

  • Education Level: Middle
  • # of students: 884
  • # of teachers: 39
5
GreatSchools Rating

Del Mar High School

  • Education Level: High
  • # of students: 1,108
  • # of teachers: 49
6
GreatSchools Rating
 

$1,197,000$1,463,000$1,330,000

PURCHASE PRICE

$3,636$4,444$4,040

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-$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 $4,040
EXPENSES Loan Payment -$4,907
Property Tax -$1,519
Property Insurance -$72
Property Management Fees -$158
CASH FLOW
-$2,616

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.

$1,330,000

PROJECTED PRICE

$4,040

PROJECTED RENT

0.30%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 11.55%
Maintenance Year (1-5) 8.00%
Vacancy 5.19%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$358,200

INVESTMENT

$358,200

Down Payment
$332,500
Rehab Estimate
$5,750
Closing Costs
$19,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,907

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $332,500
Loan Amount $997,500
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$9

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $4,267

    COMP ESTIMATED VALUE
  • $2.29

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,9503$4,1884$5,350
$5,350
RENT COMPS ANALYSIS
  • 2932 Westfield Ave San Jose, 1
    • 3 beds 3 baths ∙ 1,866 Sqft ∙ Built 1964 3 beds 3 baths ∙ 1,866 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 942 Lawton Ave San Jose, 2
    • 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 1961
    LEASED 10/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.26
    •  
  • 1211 Spruance St San Jose, 3
    • 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 1978 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 1978
    LEASED 03/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,188
    • $2.09
    •  
  • 1591 Phantom Ave San Jose, 4
    • 3 beds 3 baths ∙ 2,132 Sqft ∙ Built 1955 3 beds 3 baths ∙ 2,132 Sqft ∙ Built 1955
    LEASED 06/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $5,350
    • $2.51
    •  
PROPERTY LISTING DETAILS
Yvonne Brandt
Altas Realty
BESbswy