How Much Does It Cost To Build a 8-Unit Apartment Complex?
the average cost to build an apartment building in the United States was around $27 million. Nationally, the cost of an apartment building per square foot is about $418. Estimates put apartment build costs at $73,500 to $89,000 per unit.
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.
Apartment buildings can have a wide range of units, which vary in size and scale. It is common for one building to have a mixture of studio, one-bedroom, and two-bedroom apartments of different sizes. Therefore, the number of units can often be a poor measurement of the total price of an apartment building. A large building can have fewer luxury apartments that are all two bedrooms and cost a lot more than a much smaller building with the same number of units that are a mix of studio and one-bedroom units that are mid-range in finish. Therefore, the cost range per number of units in a building can be enormous.
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Get RenderingEstimating the Cost to Build an Apartment Complex
Though most apartment buildings will never cost over $130 million to build, ultra-luxurious apartments themselves have been known to run as high as $257 million for an individual penthouse. However, for high-end apartment complexes, much of the money will go into the purchase of the property, marketing, advertising, and sales to ensure these pricier apartments do not remain vacant for very long.
Cost to Build a 4-Unit Apartment Building
A 4-unit apartment building costs between $1.3 and $3.9 million. A 4-unit building could have 1 – 4 stories, depending on how it is laid out. Buildings of this size can be built as a single unit. They can also be built in multiples within one larger apartment complex. This is common for apartment complexes designed for seniors and families.
Factors to Consider When Building an Apartment Complex
When trying to determine your own costs and profits, there are a number of elements to think about and consider.
Location and Land Costs
Location is perhaps one of the most important factors to think about when determining the apartment construction cost. According to the Metropolitan Policy Program at Brookings, a nonprofit public policy organization, land costs account for 10% to 20% of the budget, and local cost has a great deal to do with that percentage.
Purchasing land in urban areas, for instance, will cost more than land in rural areas, and the specific city makes a huge difference as well. A primary city like New York will have much higher prices than a secondary city like Denver.
8-Unit Apartment Building Cost
The price to build an 8-unit apartment building is between $3.5 and $16.9 million. An apartment building of this size could have between 3 and 6 stories. At this size, it’s common to start mixing various sizes of apartments on each floor. This is another building size that may be included in complexes with multiple buildings. In areas with high occupation and housing needs, larger units per building can increase the number of tenants over the property.
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Cost to Build a 16-Unit Apartment Complex
A 16-unit apartment building will cost between $3.8 and $20.3 million. Units of this size may have between 4 and 10 stories. They will also usually have a wide mix of apartment sizes, and potentially some luxury units. Depending on how many floors the buildings have, you may have some 16-unit buildings inside of a larger complex that includes buildings of other sizes and occupancies.
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Process To Get Construction Cost Estimate Report
Here I am going to share some steps to get your construction cost estimate report.
