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356 E Montana Street Pasadena, CA 91104

3 Beds 2 Baths 1,424 sqft Built 1914

$780,000

List Price

$3,120

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 1914
  • Price/Sqft : $547.75
  • 7 Days on Market
  • MLS # : 20653070
  • Updated Date : 10/30/2020 at 10:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,424 sqft
  • Baths : 1 full , 1 half
Listing Agent

Impressive Properties Usa, Inc.

Listing Agent's Description

Built in 1914 Craftsman Home located in Pasadena's Dearborn Tract. This home has many of its original fixtures, windows, door knobs, finishes, stone fireplace and beautiful oak hardwood flooring. Large rooms and open floor plan with separate dining room with built-in oak cabinet, bay windows, large living room with stone fireplace and built-in oak bookshelf and large kitchen with lots of cabinet space. It is just waiting to be restored to its original charm or a flare of modernization. The home has 3 bedrooms 2 baths. Two of the bedroom have large closets one is a walk-in, jack and Jill bathroom along with an additional room which can be used as a den or office with exit to the back yard. Well kept front and back yards with beautiful green grass, pond and lots of trees. Long drive way that extends to the back yard to the detached garage. Not far from the Rose Bowl, Old Town Pasadena, Schools, shopping and major freeways.

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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: Dearborn Groves

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $153k855k

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

Neighborhood: Dearborn Groves

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2180020002200240026002800300032003400Rent in $16703569

* 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
Altadena Elementary School Primary Regular 265 12 2
Charles W. Eliot Arts Magnet Academy Middle Regular 504 27 2
John Muir High School High Regular 919 55 3

Altadena Elementary School

  • Education Level: Primary
  • # of students: 265
  • # of teachers: 12
2
GreatSchools Rating

Charles W. Eliot Arts Magnet Academy

  • Education Level: Middle
  • # of students: 504
  • # of teachers: 27
2
GreatSchools Rating

John Muir High School

  • Education Level: High
  • # of students: 919
  • # of teachers: 55
3
GreatSchools Rating
 

$702,000$858,000$780,000

PURCHASE PRICE

$2,808$3,432$3,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,120
EXPENSES Loan Payment -$2,878
Property Tax -$758
Property Insurance -$62
Property Management Fees -$153
CASH FLOW
-$730

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$780,000

PROJECTED PRICE

$3,120

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 6.3%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
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$15k$20k

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$212,450

INVESTMENT

$212,450

Down Payment
$195,000
Rehab Estimate
$5,750
Closing Costs
$11,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,878

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $195,000
Loan Amount $585,000
See What Happens When You Reinvest Cash Flow

1.92

YEARS SAVED

$11,129

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,120

    LIST RENT
  • $2.19

    LIST RENT PER SQFT
  • $3,503

    COMP ESTIMATED VALUE
  • $2.46

    COMP AVG. RENT PER SQFT
Comps Range
$2,750
1$2,7502$3,1203$3,4004$3,8005$4,350
$4,350
RENT COMPS ANALYSIS
  • 356 E Montana Street Pasadena, CA 2
    • 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 1914 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 1914
    • Rent
    • Rent Per SQFT
    •  
    • $3,120
    • $2.19
    •  
  • 163 Figueroa Drive Altadena, CA 1
    • 3 beds 1 baths ∙ 1,150 Sqft ∙ Built 1920 3 beds 1 baths ∙ 1,150 Sqft ∙ Built 1920
    LEASED 02/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.39
    •  
  • 768 N Madison Avenue Pasadena, CA 3
    • 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1906 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1906
    LEASED 05/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.51
    •  
  • 1155 N Michigan Avenue Pasadena, CA 4
    • 3 beds 2 baths ∙ 1,571 Sqft ∙ Built 1913 3 beds 2 baths ∙ 1,571 Sqft ∙ Built 1913
    LEASED 10/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.42
    •  
  • 1002 N Catalina Avenue Pasadena, CA 5
    • 3 beds 2 baths ∙ 1,725 Sqft ∙ Built 1914 3 beds 2 baths ∙ 1,725 Sqft ∙ Built 1914
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,350
    • $2.52
    •  
PROPERTY LISTING DETAILS
Leanne Moore
Impressive Properties Usa, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20653070
Last Updated: 10/30/2020
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