Apartment complex cost to build
What is this blog about? To build a $250K apartment complex that was designed to sell for $1.2M. That’s the exact project details you’ll find from every investor’s point of view on this blog — not my own opinions — but real world numbers and information from investors (many listing agents) who have already been through the process…and their best advice!
Are you planning to build an apartment complex in the next year or two? If so, you’ve probably been trying to find out just how much it generally costs to build an apartment building. While the answer is almost always different (it depends primarily upon the number of units, seemingly because of the larger expense for each unit versus the rest of the project), it’s not difficult to get a general estimate…
Apartment complex cost to build
Apartment complex cost to build – 5 floor apartment construction cost, how much does it cost to build a 20 unit apartment complex, cost to build a 10 unit apartment building
Apartment construction costs can vary depending on the size and complexity of the project. When determining your budget, it’s important to consider all aspects of the project and not just the actual construction costs.
Construction costs for apartments include:
Land development costs – If you do not own the land where your new apartment building will be built, you will need to factor in these costs. Land development can include things like surveying and engineering fees, zoning permits and fees, site preparation (such as grading), environmental assessments and remediation if necessary, installation of utilities such as water mains and electric lines, street improvements and sidewalks.
Building construction costs – Building materials such as lumber, concrete and drywall can add up quickly when building an apartment complex. Other building materials may include insulation materials like spray foam or cellulose insulation; electrical wiring; plumbing fixtures; appliances; cabinets; windows; doors; flooring (vinyl or carpet); roofing materials such as asphalt shingles or metal panels; siding materials such as stucco or brick veneer
How much does it cost to build a 20 unit apartment complex?
The cost to build a 20 unit apartment complex will vary depending on the type of construction you choose. The most common types of construction for multi-family buildings are wood frame, concrete and steel. The typical apartment building costs about $150 per square foot for wood-framed construction and about $225 per square foot for steel or concrete construction.
The smallest apartments in this type of building will be 800 square feet and will cost around $100,000 each to build. The largest apartments will be 3,000 square feet and cost around $500,000 each to construct.
The average cost to build a 20 unit apartment complex is $1.5 million, with costs varying based on the size of the development.
If you’re considering building an apartment complex, you’ll need to consider several factors including the cost of land, labor and materials, and financing options. Here are some common expenses for building a 20-unit apartment complex:
Land: The price of land can vary tremendously depending on location and zoning regulations. Calculate your land costs using our Land Costs Calculator.
Labor: The average hourly wage for general construction workers in 2016 was around $32 per hour, according to data from the Bureau of Labor Statistics (BLS). For example, if it takes 10 hours to frame the exterior walls of one unit at 20 units per day, that’s about $1,000 for labor alone — excluding any subcontractors or equipment rental fees.
Materials: You’ll also need to factor in materials such as flooring and drywall installation costs into your budget. For example, installing hardwood floors will cost around $3/sf while carpeting will run about $2/sf. Drywall costs approximately $0.25/sf but may vary depending on how much work needs doing before it can be installed.