Process To Get Construction Cost Estimate Report
Here I am going to share some steps to get your construction cost estimate report.
How Much Does It Cost to Build a 10 Unit Apartment Complex?
The cost to build an apartment building has an enormous range. The national average cost to build an apartment building is between $5.3 and $58 million, with most people paying around $14 million for a 5-story mid-rise apartment building with a total of 50 units. This project’s low cost is $970,000 for a duplex apartment building using basic materials. The high cost is $132 million for a luxury high-rise apartment building with 100 units.
But those figures vary widely depending on location, type of building, construction costs, number of apartment units, square feet per apartment, and more. Although one can calculate a national average, the costs from one apartment building to the next end up being wildly different.
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Get RenderingApartment Construction Cost per Square Foot
Apartment construction costs per square foot vary both by location and structure type. Small apartment buildings with five or fewer units have lower construction costs per foot than mid-rise buildings, which have lower costs per square foot than high-rise apartments.
There is some overlap and variation, depending on whether this is a luxury, mid-range, or builder-grade apartment building. The total price range per square foot to build an apartment building is between $120 and $510 a square foot, with an average price of $320 a square foot.
12 Unit Apartment Construction Cost
Utilizing mid-range materials, a regular foundation with full basement, efficient doors and windows, all appliances, and “turnkey” finishing would run at an average of $68,475 to $89,500 per unit to complete, not including the acquisition of land.
The above figures place this construction at an $105 and $240 per square foot cost. However, the national average stands at $145 for most contractors. This pricing structure assumes that carpenters, masons, and excavators charge an average of $80 per hour, electricians between $75 to $95 per hour, painters between $30 and $45 per hour, and plumbers between $55 and $75 per hour.
Cost to Build a 10-Story Building
The cost to build a 10-story apartment building ranges from $12.9 to $18.3 million. At this point, your structural needs begin to change. This is still considered a mid-rise structure, but you need to start incorporating steel for added support. You also have more units and potentially more units per floor. These buildings are not tall enough to be subject to zoning laws, so this is a common size for mid-rise structures in populated areas.
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Cost to Build a 30-Story Building
The price of a 30-story apartment building is $39.5 to $90 million. The same price per square foot of 15 and 20-story buildings applies to 30-story buildings. Zoning, structural considerations, and other issues unique to the urban buildings also impact costs. The larger number of units and extra materials and labor add to the cost. Locations that can support buildings of this size become more limited, meaning you may have logistical costs tied to the location and how you bring in materials and equipment.
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