Multi Family Building Construction Cost Estimator
Condominium Construction Cost
$1.3 Million to $4 Million
Apartment Construction Cost
$3 Million to 5 Million
Townhouse Construction Cost
$180,000 to $220,000
Construction costs are the major expenses that investors in multifamily apartments consider. Recently, these costs have been increasing, making developers lose interest in the market. Because of this hike in construction costs, investors seek to know the expenses involved. Doing so will help them make budgets accordingly.
We provide estimates for multi-family housing buildings. We have done estimates for small and big construction projects.
Frequently Asked Questions ( FAQs)
A multi-family residential property typically has 3 key attributes: location, quality of the buildings, and a positive cash flow. The real estate term for a multi-family residential property is “multi-unit.” In this instance “multi” means more than one and “unit” refers to properties that have 5 or more housing units.
Apartment buildings and multifamily properties are defined as any residential space in which two or more units occupy the same property. Some apartment buildings only have a handful of units while larger buildings in metropolitan areas might be dozens of stories tall and house many hundreds of tenants.
An apartment typically refers to a suite of rooms forming one residence, in a building containing many similarly structured units. A multifamily building is a rental apartment building where the entire building (and all of the apartments inside it) is under the same ownership.
A single family home is a freestanding structure that shares no common walls with another residence. Multifamily homes contain separate residential units within a single structure. A residential unit here is defined as a room or group of rooms intended for occupancy by a single family.
According to the most recent cost estimates, multifamily apartment construction currently costs between $84,500 to $109,000 per unit. This estimate uses contractor fees of between $95 and $220 per square foot (psf) to provide a reasonable range between the most and least expensive markets, as the average contractor fee in the U.S. is about $145. The estimate also calculates mason, excavator, and carpenter fees at $80/hour, painters at $30 to $45/hour, plumbers at $55 to $75/hour and electricians a $75 to $95/hour.
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Condominium Construction Cost
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.
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Apartment Construction Cost
3-story apartment buildings are most likely wood, with a brick or stone veneer 2, so their building costs are generally lower. Assuming 2 – 4 units per floor, this would cost $3.5 to $4.2 million to complete. 3-story apartment buildings are common in larger apartment complexes. Rather than a single building, you may build three, four, or smaller buildings in one large complex. This can be an attractive area for families or senior living.
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.
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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Townhouse Construction Cost
3-story apartment buildings are most likely wood, with a brick or stone veneer 2, so their building costs are generally lower. Assuming 2 – 4 units per floor, this would cost $3.5 to $4.2 million to complete. 3-story apartment buildings are common in larger apartment complexes. Rather than a single building, you may build three, four, or smaller buildings in one large complex. This can be an attractive area for families or senior living.
Triplex Construction Cost
A triplex is a single building with three separate residences inside. This type of structure is also an infill apartment building, similar to a duplex, but it has three distinct living spaces. Typically, triplexes feature apartments stacked one above the other, but some designs may place them side-by-side. If you’re planning a triplex construction, a cost to build estimator can be useful to get an accurate estimate of the costs involved. The average cost to build per square foot for a triplex is similar to that of a duplex, ranging from $115 to $260, depending on factors like location, materials, and layout.
The average cost to build a triplex is around $887,500, assuming a three-story building, with all three units having the same layout and amenities.
How Much To Build A Duplex: Average Costs And How Prices Can Vary
The national average cost to build a duplex is between $325,000 and $577,000, with most people paying around $398,000 for a 3,000 sq.ft. side-by-side duplex with two floors. At the lowest cost, you can build a 1,500 sq.ft. stacked duplex for $142,500. A 5,000 sq.ft. high-end single-story side-by-side duplex costs $1,100,000 to complete.
Most investors who wish to explore the possibility of real estate development in the duplex market can expect to pay around $398,000 for a 3,600-square-foot duplex property.
National average cost | $398,000 |
Average range | $325,000 – $577,000 |
Minimum cost | $142,500 |
Maximum cost | $1,100,000. |
Price per square foot | $105 – $320 |
Average total cost | $295,000 – $577,000 |
Average one-story duplex build cost | $105 – $145 |
Average two-story duplex build cost | $110 – $180 |
Average side-by-side duplex build cost | $140 – $320 |
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Concrete Cost For Multi-Family House
Concrete cost for multi-family house is different for every kind of houses. There are different costs for duplex, condominium, townhouse, etc. Let’s discuss in detail about the concrete cost for multi-family house.
Concrete Foundation Cost per Square Foot
Most concrete foundations are costed by the square foot. This means that regardless of the type and having walls or only a slab, the total construction area is considered when pricing the foundation. There are several concrete types costed by the square foot. This includes simple slabs and complex stem wall basement foundations. The prices range from $8 to $35 an sq.ft. for foundations before factoring in excavation, vapor barriers 1, and potential insulations.
Concrete Foundation Cost per Square Foot
Most concrete foundations are costed by the square foot. This means that regardless of the type and having walls or only a slab, the total construction area is considered when pricing the foundation. There are several concrete types costed by the square foot. This includes simple slabs and complex stem wall basement foundations. The prices range from $8 to $35 an sq.ft. for foundations before factoring in excavation, vapor barriers 1, and potential insulations.
| Size | Average Costs (Installed) |
|---|---|
| 500 sq.ft. | $3,500 – $15,000 |
| 800 sq.ft. | $5,000 – $25,000 |
| 1,000 sq.ft. | $8,000 – $30,000 |
| 1,500 sq.ft. | $10,000 – $40,000 |
| 2,000 sq.ft. | $15,000 – $55,000 |
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Process To Get Multi Family Construction Cost Estimate Report
Here I am going to share some steps to get your multi family construction cost estimate report.
