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395 N Chester Avenue Pasadena, CA 91106

3 Beds 2 Baths 1,344 sqft Built 1954

$798,000

List Price

$3,240

$3K - $3.5K

Rent Est.

PROPERTY INFO

January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1954
  • Price/Sqft : $593.75
  • 5 Days on Market
  • MLS # : AR21001117
  • Updated Date : 01/09/2021 at 20:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,344 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Located just 2 blocks South of the famous "Bungalow Heaven" district in Pasadena, this Lovely home is MOVE IN READY!! Great location with fantastic opportunity to build multiple units on this large lot! This newly renovated home is waiting for you to fall in love with it and make it your new home. Park in the driveway or in the attached 2 car garage. Enter through the Rustic style walnut doors and enjoy a bright and spacious oasis. Granite and Stone accentuate the Ivory Cabinetry in the Kitchen and both bathrooms. ALL Stainless steel appliances included. Central Air and Heat with new WiFi themostat. Fireplace with Mantle, and tasteful light fixtures fill this home with charm. 3 Spacious bedrooms and ample closet space, PLUS A BONUS OFFICE/STUDY can be used as a fourth bedroom. French doors in office open to a custom stone rear patio, and LARGE Back yard with infinite possibilities.

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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: Catalina Villas

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $159k855k

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

Neighborhood: Catalina Villas

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800300032003400Rent in $13993569

* 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
Jefferson Elementary School Primary Regular 401 15 3
Charles W. Eliot Arts Magnet Academy Middle Regular 504 27 2
Pasadena High School High Regular 1,903 84 6

Jefferson Elementary School

  • Education Level: Primary
  • # of students: 401
  • # of teachers: 15
3
GreatSchools Rating

Charles W. Eliot Arts Magnet Academy

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

Pasadena High School

  • Education Level: High
  • # of students: 1,903
  • # of teachers: 84
6
GreatSchools Rating
 

$718,200$877,800$798,000

PURCHASE PRICE

$2,916$3,564$3,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,240
EXPENSES Loan Payment -$2,772
Property Tax -$776
Property Insurance -$60
Property Management Fees -$159
CASH FLOW
-$526

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.

$798,000

PROJECTED PRICE

$3,240

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 6.9%
Maintenance Year (1-5) 8.00%
Vacancy 4.69%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$217,220

INVESTMENT

$217,220

Down Payment
$199,500
Rehab Estimate
$5,750
Closing Costs
$11,970

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,772

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $199,500
Loan Amount $598,500
See What Happens When You Reinvest Cash Flow

2.92

YEARS SAVED

$18,518

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,240

    LIST RENT
  • $2.41

    LIST RENT PER SQFT
  • $3,444

    COMP ESTIMATED VALUE
  • $2.56

    COMP AVG. RENT PER SQFT
Comps Range
$3,240
1$3,2402$3,2503$3,4004$3,6005$3,800
$3,800
RENT COMPS ANALYSIS
  • 395 N Chester Avenue Pasadena, CA 1
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1954
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,240
    • $2.41
    •  
  • 130 S Allen Avenue Pasadena, CA 2
    • 3 beds 2 baths ∙ 1,330 Sqft ∙ Built 1937 3 beds 2 baths ∙ 1,330 Sqft ∙ Built 1937
    property image
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $2.44
    •  
  • 1651 Casa Grande Street Pasadena, CA 3
    • 3 beds 2 baths ∙ 1,176 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,176 Sqft ∙ Built 1947
    property image
    LEASED 10/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.89
    •  
  • 469 S Catalina Pasadena, CA 4
    • 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 1973
    property image
    LEASED 09/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.38
    •  
  • 211 S Wilson Avenue Pasadena, CA 5
    • 3 beds 3 baths ∙ 1,498 Sqft ∙ Built 1965 3 beds 3 baths ∙ 1,498 Sqft ∙ Built 1965
    property image
    LEASED 12/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.54
    •  
PROPERTY LISTING DETAILS
Rick Cheng
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: AR21001117
Last Updated: 01/09/2021
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