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How Much Does It Cost To Build Apartment Building?
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The cost to build an apartment building has an enormous range. The national average cost to build an apartment building is between $6 and $60 million, with most people needing to pay around $15 million for a 5-story mid-rise apartment building with a total of 50 units. This project’s low cost is $1030,000 for a duplex apartment building using basic building materials. The high cost is $127 million for a luxury high-rise apartment building with 100 units.
Apartment Construction Cost per Square Foot
While building an apartment building, multiple cost factors come together to form the final total cost. One of these is the construction cost, which is usually calculated per square foot. This cost does not include the finishing, architect or contractor fees, land purchase, landscaping, parking lots, and many of the interior and “soft” costs like designing, material selection, and delivery.
Apartment building 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 differences, depending on whether this is a luxury, mid-range, or builder-grade apartment building. The total cost range per square foot to build an apartment building is between $120 and $470 a square foot, with an average cost of $320 a square foot.
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Apartment Building Cost by Type
The type of apartment building you build has an impact on the total costs, mostly on the cost per square foot for apartment building construction. Larger buildings use different building methods that increase costs.
Apartment buildings come in many different sizes and designs, which also impacts the costs of apartments. The more corners and different shapes a building has, the higher the construction costs. The number of units and overall size of the building also play a role. Below are some of the most common types of apartment buildings and their average cost per square foot.
| Apartment Building Type | Average Construction Cost per Sq.Ft. (Labor Included) |
|---|---|
| Infill | $100 – $200 |
| Low-Rise | $170 – $250 |
| Mid-Rise | $200 – $280 |
| High-Rise | $250 – $450+ |
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Modular Bungalow Home
The cost of an infill apartment building is $100 to $200 an sq. ft. An infill apartment building is a general term for stick-built apartment home buildings, including duplexes, triplexes, “six-packs,” or walk-up apartments. These apartment buildings typically resemble single-family homes in architecture and style and are timber-built. They can have up to 6 apartments in one building, although the average is 2 – 4.
Low-Rise Apartment Building Cost
The cost to build a low-rise apartment building averages $170 to $250 an sq.ft., depending on the apartment building material. A low-rise apartment building usually has 4 or fewer stories and is usually made of wood construction. It is sometimes called a 3-over-1 style building. It can have 5 – 50 units and usually has elevators as well as two stairwells and a double-sided corridor.
High-Rise Apartment Building Cost
The price to build a high-rise apartment building ranges from $235 to $450+ a sq.ft. High-rise apartment buildings are subject to zoning laws, which dictate exactly how high they can be. They have a tower footprint 1 and are built of concrete and steel. They are always over 12 stories, and many are 20, 30, or 40 stories high. They can have 4 – 20 units per floor, usually a mix of different sizes of studios, one bedroom, and two bedrooms. They often have pools, gyms, a concierge, and other amenities in the building. Due to their height, it is important for high-rise buildings to be designed to resist the lateral forces inflicted by strong winds and potential earthquakes. Normally every 10 stories increase the cost to build.
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Multi-Family Apartment Construction Cost per Story
Apartment buildings typically become more expensive apartments to build the larger they get. This is partly because the number of units that fit per story increases with the building size, but the materials also change. So there is no one per-story cost or range, but rather different costs per square foot and total costs based on the approximate size of the finished building. Below is a general idea of costs based on the number of stories. These numbers are an approximate average cost, and the actual figures vary depending on multiple factors:
| Number of Stories | Cost per Square Foot | Total Costs |
|---|---|---|
| 3-Story | $90 – $240 | $3.2 – $3.6 million |
| 4-Story | $156 – $240 | $4.7 – $5.9 million |
| 5-Story | $180 – $270 | $7.3 – $13.4 million |
| 6-Story | $180 – $270 | $8.8 – $15.5 million |
| 10-Story | $180 – $270 | $10.9 – $17.6 million |
| 15-Story | $235 – $450+ | $20.8 – $37.5 million |
| 20-Story | $235 – $450+ | $26 – $53.5 million |
| 30-Story | $235 – $450+ | $36.5 – $80 million |
| 40-Story | $235 – $450+ | $52 – $160.5 million |
| 50-Story | $235 – $450+ | $78 – $267.5 million |
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Apartment Building Cost by Number of Units
Apartment buildings can have a wide cost range of units, which differences in size and scale. It is common for one apartment 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 cost 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 apartment building with the same number of units that are a mix of studio and one-bedroom units that are mid-range in the finish. Therefore, the cost range per number of units in a building can be enormous.
Below is the average cost range for apartment buildings by unit. This is a very broad range, so you need more parameters to narrow this down.
| Number of Units | Average Cost Range (Labor Included) |
|---|---|
| 4-Unit | $1.3 – $3.9 million |
| 6-Unit | $3.5 – $15.8 million |
| 8-Unit | $3.5 – $16.8 million |
| 12-Unit | $3.5 – $17.9 million |
| 16-Unit | $3.5 – $19.7 million |
| 20-Unit | $3.5 – $21.8 million |
| 24-Unit | $3.5 – $27.2 million |
| 50-Unit | $7.6 – $53.8 million |
| 100-Unit | $21.1 – $162.5 million |
Cost to Build a 4-Unit Apartment Building
A 4-unit apartment building costs between $1.3 and $3.9 million. A 4-unit apartment building could have 1 – 4 stories, depending on how it is laid out. Apartment uildings 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.
Cost To Build a 8-Unit Apartment Building
The cost to build an 8-unit apartment building is between $3.5 and $16.8 million. An apartment building of this size could have between 3 and 6 stories. At this size, it’s common to start mixing many 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 $3.5 and $19.7 million. Units of this size may have between 4 and 10 stories. They will also usually have a wide mix of apartment building 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 apartment buildings of other sizes and occupancies.
Cost to Build a 24-Unit Apartment Building
An apartment building that houses this many units could be anywhere from 4 to 10 stories, giving it a cost range of $3.2 to $27.2 million on average. 24-unit apartment buildings have a wider range of apartment sizes. Some buildings may even start to have 3 or 4-bedroom units on the top floors. Amenities become more common, with some apartment buildings of this size having game rooms or gyms.
Cost to Build a 100-Unit Apartment Building
The cost for a 100-unit apartment building is between $21.1 and $162.5 million. A 100-unit apartment building can be many different sizes from a mid-rise of 5 floors to a luxury high-rise apartment complex. Most of your costs vary depending on the building height, luxuries, and amenities. High-rise apartment buildings have higher costs, and amenities like pools, gyms, and lounges are more common for a apartment building with 100 units.
Prefab Apartment Building Cost
Given the popularity of high-rise apartment building complexes in urban areas, many construction firms turn to modular or prefab apartment building designs to cut costs. This can be a much less expensive method of building, lowering the apartment construction cost per square foot and reducing many of the additional “soft” costs like designer fees. Expect the average price per square foot for a prefab apartment building to start at about $150 to $170 a square foot. This also applies to high-rise apartment buildings, making them much more affordable.
Apartment Building Construction Cost Breakdown
Many variables determine the overall cost of an apartment building, including materials and labor and the cost of an architect, general contractor or apartment builder, and structural engineer. Costs vary by material, location, and building style. High rises apartment buildings require more material in total and for the structure, so you have higher total material costs.
Every project is different, but you can get a general idea of how a large-scale project like an apartment building breaks down in costs. This includes the labor and materials for each section as a percentage of the total project cost. Architect, designer, and builder fees are in addition to the total cost of to build.
| Project Area | Average Cost Percentage |
|---|---|
| Architect Fees | 8.9% – 10% of the total cost (added) |
| Structural Engineer Fees | $500 – $20,000 as needed (added) |
| Contractor or Builder Cost | 25% of the total cost (added) |
| Foundation | 9% |
| Floor Structure | 12% |
| Walls (Wood) and Exterior Finish | 6% – 10% |
| Roof and Cover | 10% |
| Windows and Doors | 5% |
| Interior Finish | 6% – 10% |
| Floor Finish | 3% – 5% |
| Interior Features | 3% – 5% |
| Bath Detail | 4% |
| Kitchens | 8% |
| Electrical | 10% |
| Plumbing | 12% |
| Masonry Walls (If Used in Place of Wood) | 9% – 12% |
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Average Maintenance Cost for an Apartment Complex
There is a wide range of associated maintenance costs for apartment building complexes. The materials used, the number of units, and the unit type all play a role in how much maintenance costs.
Monthly maintenance fees range from $70 to $1,200 a month for every apartment building, and many have differences monthly costs, depending on the needs of the building at that time. This can also vary by location and the type of tenants you have. Urban areas and luxury buildings may have different maintenance needs than apartments in other areas.
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