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2946 Newark Way San Jose, CA 95124

3 Beds 2 Baths 1,650 sqft Built 1957

INVESTimate

$1,298,800

List Price

$3,800

$3,550 - $4,050

Rent Est.

$1,449,850  ( +11.63%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1957
  • Price/Sqft : $787.15
  • 2 Days on Market
  • MLS # : ML81807151
  • Updated Date : 08/25/2020 at 14:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,650 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Make your way to see this beautifully remodeled home on the border of Willow Glen in a highly desirable Cambrian neighborhood. In pristine condition this home features 3 bedrooms/2 baths with approximately 1650 sq ft of living space sitting on a 6798 sq ft corner lot, open concept kitchen, living and family room. Meticulously maintained and updated to include: Remodeled kitchen with custom cabinets, leathered granite, SS Wolf 6 burner range & hood, SS dishwasher and microwave, farmhouse sink, hardwood floors, recessed lights, Douglas Golden Fir solid wood beam & doors, window casements, gas fireplace in LR & gas freestanding stove in FR, dual paned windows & slider, composition roof, Solar, A/C, finished 2 car garage, newer fencing & private backyard with fruit trees & vegetable garden. Close to schools, shopping, freeways and minutes to Los Gatos, Willow Glen and Campbell! Highly desirable Cambrian School District: Fammatre Elementary, Price Middle and Branham High-buyer to verify.

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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: Cambrian

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600kPrice in $380k1665k

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

Neighborhood: Cambrian

NeighborhoodNIR Market*CityMarket2010Year20002019 Q22000220024002600280030003200340036003800400042004400Rent in $19074493

* 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
Fammatre Elementary School Primary Regular 558 22 6
Price Middle School Middle Regular 1,102 43 7
Branham High School High Regular 1,468 62 9

Fammatre Elementary School

  • Education Level: Primary
  • # of students: 558
  • # of teachers: 22
6
GreatSchools Rating

Price Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 43
7
GreatSchools Rating

Branham High School

  • Education Level: High
  • # of students: 1,468
  • # of teachers: 62
9
GreatSchools Rating
 

$1,168,920$1,428,680$1,298,800

PURCHASE PRICE

$3,420$4,180$3,800

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 $3,800
EXPENSES Loan Payment -$4,792
Property Tax -$1,490
Property Insurance -$67
Property Management Fees -$148
CASH FLOW
-$2,697

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.

$1,298,800

PROJECTED PRICE

$3,800

PROJECTED RENT

0.29%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 11.63%
Maintenance Year (1-5) 8.00%
Vacancy 5.40%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$349,932

INVESTMENT

$349,932

Down Payment
$324,700
Rehab Estimate
$5,750
Closing Costs
$19,482

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,792

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $324,700
Loan Amount $974,100
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$48

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
  • $4,014

    COMP ESTIMATED VALUE
  • $2.43

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,4953$3,6004$3,7955$3,800
$3,800
RENT COMPS ANALYSIS
  • 2946 Newark Way San Jose, 1
    • 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 1957
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 4954 Alan Ave San Jose, 2
    • 4 beds 2 baths ∙ 1,374 Sqft ∙ Built 1956 4 beds 2 baths ∙ 1,374 Sqft ∙ Built 1956
    property image
    LEASED 02/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,495
    • $2.54
    •  
  • 2934 Newark Way San Jose, 3
    • 3 beds 2 baths ∙ 1,830 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,830 Sqft ∙ Built 1957
    property image
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $1.97
    •  
  • 1810 Brighten Ave San Jose, 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
    •  
  • 2154 Casa Mia Dr San Jose, 5
    • 3 beds 2 baths ∙ 1,427 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,427 Sqft ∙ Built 1956
    property image
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.66
    •  
PROPERTY LISTING DETAILS
Julie Gilbert
Coldwell Banker Realty
BESbswy