Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

373 2nd Ave Redwood City, CA 94063

3 Beds 1 Baths 1,180 sqft Built 1947

$850,000

List Price

$3,900

$3.7K - $4.2K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 1947
  • Price/Sqft : $720.34
  • 3 Days on Market
  • MLS # : ML81818412
  • Updated Date : 11/02/2020 at 17:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,180 sqft
  • Baths : 1 full
Listing Agent

Netequity Real Estate

Listing Agent's Description

Welcome to 373 2nd Avenue in Redwood City. Located in the North Fair Oaks neighborhood this property is full of potential. Featuring a large tiled living room and kitchen with granite counter tops. Separate dining room. There are three bedrooms and a bathroom with stall shower. The roomy bonus room could be a fourth bedroom or family room. Complete with fruit trees the spacious yard has separate storage sheds and a workshop. Just a short walk to shops and restaurants. Convenient commute location. Don't miss this wonderful home!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: North Fair Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300k1400kPrice in $349k1433k

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

Neighborhood: North Fair Oaks

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q215002000250030003500400045005000Rent in $13105138

* 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
Garfield Elementary Charter School Primary Regular 644 26 2
John F. Kennedy Middle School Middle Regular 728 36 5
Woodside High School High Magnet 1,815 106 7

Garfield Elementary Charter School

  • Education Level: Primary
  • # of students: 644
  • # of teachers: 26
2
GreatSchools Rating

John F. Kennedy Middle School

  • Education Level: Middle
  • # of students: 728
  • # of teachers: 36
5
GreatSchools Rating

Woodside High School

  • Education Level: High
  • # of students: 1,815
  • # of teachers: 106
7
GreatSchools Rating
 

$765,000$935,000$850,000

PURCHASE PRICE

$3,510$4,290$3,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,900
EXPENSES Loan Payment -$3,136
Property Tax -$996
Property Insurance -$56
Property Management Fees -$152
CASH FLOW
-$440

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$850,000

PROJECTED PRICE

$3,900

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.98%
Appreciation Year (1-5) 11.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.18%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$231,000

INVESTMENT

$231,000

Down Payment
$212,500
Rehab Estimate
$5,750
Closing Costs
$12,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,136

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $212,500
Loan Amount $637,500
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$31,772

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
  • $3,906

    COMP ESTIMATED VALUE
  • $3.31

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,6003$4,2004$4,600
$4,600
RENT COMPS ANALYSIS
  • 373 2nd Ave Redwood City, CA 1
    • 3 beds 1 baths ∙ 1,180 Sqft ∙ Built 1947 3 beds 1 baths ∙ 1,180 Sqft ∙ Built 1947
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 119 Park St Front Unit Redwood City, CA 2
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1942 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1942
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $3.00
    •  
  • 816 6th Ave Redwood City, CA 3
    • 3 beds 1 baths ∙ 1,270 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,270 Sqft ∙ Built 1948
    property image
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $3.31
    •  
  • 477 6th Ave Menlo Park, CA 4
    • 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 1932 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 1932
    property image
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,600
    • $3.62
    •  
PROPERTY LISTING DETAILS
Jim Tierney
Netequity Real Estate
BESbswy