How Much Does It Cost to Build a Condominium?

Apartment buildings and condo buildings come in many sizes and types with a range of associated costs. The national average cost range to build a condominium building is $2 to $4 million, with most people paying around $3 million for a mid-range 20-unit building with a shared lobby and amenities. This project’s low cost is $400,000 for a 2-unit condo home in a suburban area. The high cost is $14 million for an upscale condominium complex with 100 units and shared amenities in an upcoming urban area.

Condos often resemble apartment buildings or complexes at first glance and are often constructed in the same way with similar construction costs. The difference comes later in how the units are divided and used. A developer building an apartment complex may use it as a long-term investment property.

Build Condominium Costs

The variations come from such things as the class, the location, and such things as the price for land purchase, prep work, parking lot pavements, play area installations, and more. That bumps up total average costs for the entire two-unit building to well over $530,000.

There is also the need to add in the costs of architectural work, contractor’s fees, permits, and so on. While some industry experts say that it all averages out to roughly $95 per square foot, that is not accurate, and in reality, it will range from $95 up to more than $235 per square foot.

Condominium building: two-unit, 1,200-1,500 sq.ft. townhouse style Class 1 building.

Condo Construction Cost per Square Foot

The cost of condo construction varies tremendously from unit to unit. Costs fluctuate due to the location, with urban areas costing more than suburban locations. Costs also vary depending on the unit type, amenities, and building type. This creates a cost range per square foot from $135 to $450 a square foot. These costs are for construction and do not account for land acquisition, parking, or the soft costs associated with listing and selling the finished units.

Condo Construction Cost per Unit

Apartments and other types of multi-family dwellings, and condos can sometimes be given costs on a per unit or square foot basis. This pricing structure makes it easier to compare the costs of a 10-unit building with a 20 or 100-unit building because square footage varies based on the units’ sizes and building size. The average cost range for condo building construction is $85,000 to $180,000 per unit. Some lower-end condos cost less to build, and higher-end buildings cost more, but most fall in this range.

Modular Condo Cost

It is very common, especially in urban areas, for large buildings to be built modularly. This means large sections of the building are constructed off-site. The sections are moved into place and assembled at the building site. This results in stronger buildings with fewer weather-related delays and lower building costs.

Prices vary depending on the area but generally cost between $145 and $180 a square foot, making this construction method more affordable, especially for luxury high rises.

Condo vs Apartment

Condos and apartment buildings are extremely similar. They are built using the same methods and materials and have very similar costs to build. The difference is that in a condo building, each occupant owns their unit. The building is owned by the condo association and paid for and maintained by the individual owners, who pay a monthly fee.

An apartment building is owned by a single entity, who rents out each unit. Renters do not own anything in the building and do not pay extra for maintenance costs. They are also not responsible for repairs or building upgrades, while condo owners are.

Building a condo building or apartment building have similar costs per square foot. Costs are ultimately determined by the number of units and location.

Type	Average Costs per Sq.Ft. (Labor Included)
Apartment	$105 – $450
Condo	$145 – $380

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