The 8-plex at 4725 Oakshire went down in a cloud of dust last week. “Bummer,” writes Jared Meadors, the landlord next door who bought and renovated the largely identical building at 4719 Oakshire 10 years ago. And who claims he “would have totally paid more than lot value for these and restored them as I did the units at 4719” if he’d had the chance. Meadors’s pinkish brick building to the west of the cleared lot is visible at the left of this photo:
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Meadors surveys the wreckage:
4710 sold a few years ago for $525,000. It was a big brick 4-plex on just over 5000 s.f. of land. They put up five 4-story, faux spanish style townhouses that did not sell for a long time. I think they started out in the $600,000 range and they ended up going back to the bank and are now selling in the high $300k / low $400k range.
I cringe to think what 4725 sold for (a) because it was probably not enough and (b) because my property value will probably go up significantly next year because of the sale. . . . But it sits on more land (over 8000 s.f.) so if the math is the same they’ll probably end up with more like 6 or more townhouses on that lot.
The reality that the developer of 4710 learned is that those two blocks are NOT Afton Oaks. Builders see stars when they try to use the big new houses selling one block away as comps for their development project — but it just doesn’t work like that. Will they make money? Sure, if they didn’t overpay for the lot and they don’t overbuild the townhouses and they don’t get stupid and ask $600,000 for a $400,000 townhouse — they should make money. And at the end of the day, that’s what it’s all about, right? I do what I do (buy, restore, and lease out) vintage properties because I get paid well to do it. If I didn’t, I wouldn’t.
More pix of Meadors’s surviving 8-plex: