Assessing Future Value…
One tact is to try and determine the value of the property after construction is complete. Ideally, one would find properties analogous to the finished product, and then find a value for those properties. Below are properties that have two dwellings on one tax lot. Square footage varies from what I’ll be building, but some compromises had to be made as this project is relatively unique in NE Portland.
6019 NE Mason St, Portland, OR 97218
- Sold 5/31/2006 for $326,000.
2 Units. Main house: 1450 Sq Feet (includes a finished attic).
Detached ADU: 840 sq feet
Lot size: 8800 sq feet
Year built 1925.
4520 NE 19TH AVE, Portland, OR 97211
This property is actually a 4-unit development called “Sabin Green.” It’s two main houses (1,600 Sq. Ft. and 1,150 Sq. Ft) with two ADUs in the back. It’s set up as a condo association for tax purposes, but for all intents and purposes, it’s two houses with two ADUs. This property was developed in 2007: one house and ADA is entirely new, while the other two structures are remodels. Here’s what they sold for in May of 2007:
Main House (Unit 1), 1,600 Sq. Ft., New Construction: $362,717
Main House ADU (Unit 2), 530 Sq. Ft., New Construction: $146,692
Second House ADU (Unit 3), 576 Sq. Ft., Remodel: $117,500
Second House (Unit 4), 1,152 Sq. Ft., Remodel: $280,00
Here’s an article the Oregonian did on the development. It’s a bit far from the Mason Street Property (>2 miles) but it’s a good comparable example.