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740 S Norfolk St San Mateo, CA 94401

4 Beds 3 Baths 1,960 sqft Built 1949

$1,380,000

List Price

$4,840

$4.6K - $5.1K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1949
  • Price/Sqft : $704.08
  • 11 Days on Market
  • MLS # : ML81817280
  • Updated Date : 11/02/2020 at 08:22
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,960 sqft
  • Baths : 3 full
Listing Agent

Compass

Listing Agent's Description

Don't be deceived by the facade of this house spacious and delightful 1960 sq ft! Owned by the same family for 25 years. Excellent indoor-outdoor flow from open interior spaces to the private backyard. The interior is surprisingly spacious and airy. Living room features an extra-tall ceiling, wood-burning fireplace, and built-in bench seating under a bay window. Open kitchen, dining, and family room create a social atmosphere. Skylight draws natural light into the dining and family rooms, which open through sliding doors to the patio. Generous Bedrooms, with the primary suite featuring a huge walk-in closet and full bath with tub. Bonus space with full bath is connected to the home perfect for an office, 5th bedroom, or au pair/in-law suite (legality not warranted). Charming brick patio enveloped by mature, colorful hedges and flora. Close proximity to Hwy. 101 and 92, biotech and tech companies, SF airport, shopping, restaurants, schools, and parks right in the nearby area.

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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: South Shoreview

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300k1400kPrice in $357k1432k

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

Neighborhood: South Shoreview

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q2180020002200240026002800300032003400360038004000420044004600Rent in $17894696

* 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
Lead Elementary School Primary Magnet 513 22 2
Bayside S.t.e.m. Academy Middle Magnet 625 30 NA
Aragon High School High Regular 1,423 68 9

Lead Elementary School

  • Education Level: Primary
  • # of students: 513
  • # of teachers: 22
2
GreatSchools Rating

Bayside S.t.e.m. Academy

  • Education Level: Middle
  • # of students: 625
  • # of teachers: 30
NA
GreatSchools Rating

Aragon High School

  • Education Level: High
  • # of students: 1,423
  • # of teachers: 68
9
GreatSchools Rating
 

$1,242,000$1,518,000$1,380,000

PURCHASE PRICE

$4,356$5,324$4,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,840
EXPENSES Loan Payment -$5,092
Property Tax -$1,476
Property Insurance -$74
Property Management Fees -$189
CASH FLOW
-$1,991

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.

$1,380,000

PROJECTED PRICE

$4,840

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 13.9%
Maintenance Year (1-5) 8.00%
Vacancy 5.61%
Length of Stay Years 2

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$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$371,450

INVESTMENT

$371,450

Down Payment
$345,000
Rehab Estimate
$5,750
Closing Costs
$20,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$5,092

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $345,000
Loan Amount $1,035,000
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$1,143

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
  • $5,846

    COMP ESTIMATED VALUE
  • $2.98

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$5,6953$5,9004$6,3005$6,400
$6,400
RENT COMPS ANALYSIS
  • 740 S Norfolk St San Mateo, CA 1
    • 4 beds 3 baths ∙ 1,960 Sqft ∙ Built 1949 4 beds 3 baths ∙ 1,960 Sqft ∙ Built 1949
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1720 Gum St San Mateo, CA 2
    • 3 beds 2 baths ∙ 2,155 Sqft ∙ Built 1952 3 beds 2 baths ∙ 2,155 Sqft ∙ Built 1952
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $5,695
    • $2.64
    •  
  • 538 Maple St San Mateo, CA 3
    • 4 beds 3 baths ∙ 2,048 Sqft ∙ Built 1947 4 beds 3 baths ∙ 2,048 Sqft ∙ Built 1947
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $5,900
    • $2.88
    •  
  • 251 Gramercy Dr San Mateo, CA 4
    • 3 beds 3 baths ∙ 2,210 Sqft ∙ Built 1949 3 beds 3 baths ∙ 2,210 Sqft ∙ Built 1949
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $6,300
    • $2.85
    •  
  • 1532 Roberta Dr San Mateo, CA 5
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1961
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $6,400
    • $3.56
    •  
PROPERTY LISTING DETAILS
Antoinette Galindo
Compass
BESbswy