What is 2656 south loop west?
2656 South Loop West is a property in the River Oaks subdivision, which is located just off the I-45 North loop. This lot has frontage on both Reed Drive and South Loop West, so it offers convenient access to two major thoroughfares. The house was constructed in 1961 and has been extensively remodeled since then.
The lot is 2,800 square feet and has a pool, patio, and garage. The home itself is 2,845 square feet with 4 bedrooms, 3 baths, an open floor-plan kitchen living room area and a new roof.
There’s also a bedroom over the garage which is primarily used for storage but could easily be converted back into a bedroom if needed. The River Oaks community consists of 98 homes on 11 acres of land. The subdivision consists of two streets: East 22nd street which runs north to south through the property and South Loop west street which runs east to west.
What can you do with this property?
This is a versatile location that can accommodate many different types of development projects. Mixed-use developments are popular in the area; this spot offers a great place for an office building with retail space on the ground level, or condos and townhomes with commercial space on top.
The lot is 1,200 to 1,400 square feet, so it could accommodate a number of different sized buildings. If you have bigger plans and would like to tear down the existing structure it could be more feasible. Smaller neighbors with different density between them might require zoning changes that might delay your plans.
Some more facts about it:
The lot has some mature trees on it, but there are plenty of other nice lots available in River Oaks that aren’t surrounded by trees. The neighborhood has a very active community association and they have led several projects in the area including landscaping, streetlights and tree trimming efforts. 2656 S Loop W has a total built-out value of $1,254,268 .
That’s the total after all the development expenses, which is a lot less than the cost of actually building the building. The land value on this lot is $625,100 with $539,168 in “bldg wtrfnt” (improvements). The property is listed at $524,900.
What is this development worth now?
The River Oaks subdivision had 98 lots when it was first developed in 1961. Since that time several of those lots have been combined to create larger developments or sub-divided into multiple lots and sold off. So there are currently 76 lots in River Oaks.
That means there are 76 homes in the subdivision, which run from 2,400 square foot ranches to the one 6,000-plus square foot luxury estate. With a total current market value of $21,259,769.
If we add all of that together and divide by the number of properties that was originally created by the developer at 98 and then by 76, we get a total current market value around $250K per lot. So after all that is said and done 2656 S Loop W has a total built-out value of $1,254,268 . That’s the total after all the development expenses, which is a lot less than the cost of actually building the building.
What makes it so unique?
This lot is in a very active neighborhood. The River Oaks association has a great deal of say when it comes to development in the neighborhood. Many of the homes have been remodeled and some are well over 40 years old; this must be one of the most continually improved neighborhoods in Houston . It might be time for a new owner to put their stamp on it, especially around the updated kitchen, bathrooms and roof.
What does it cost to build?
Building costs are largely determined by how much you can borrow. A fairly large mortgage is needed to finance the construction of a new build. Even a fairly small lot can have higher costs with more expensive building materials and services. There are some factors that can make it much cheaper to build than someone might expect like: level of subdividing and zoning changes. The current value of the lots being built on is starting to approach $1M . In this case, we’re talking about 5,500 square feet of building space on that 2,800-square-foot lot. That’s almost $2,000 of improvements per foot! That might be worth it because you could build something bigger than what the zoning allows without too much difficulty.
Just a little over one year ago this property sold for $500,000. That’s a 41% increase of value. The market value when it last sold was $692,750 , which is 84% of the current listed price.
It’s hard to determine what the total value of this land really is because it has frontage on a busy street and zoning that allows for taller buildings than surrounding property. If you want to know more details about how to calculate property values, or if you’re looking for advice on buying or selling Texas real estate , contact me . The information provided above is from sources believed reliable but cannot be guaranteed by us as being completely accurate in all respects. Interested parties should obtain independent professional advice.
