The cost to build a 8 plex can vary greatly depending on the location and size of the lot.
A typical 8 plex could be built on a 50×100 lot with 5 units per floor, 2 car garages and 2 parking spots. The average price for this type of project would be around $500,000 – $550,000.
Costs include:
Land Purchase – This is one of the biggest expenses for any new development. Land costs can range from $50,000 – $150,000 per acre depending on location and size. A 50×100 lot that has 5 units per floor would cost roughly $750,000-$1 Million dollars in land costs alone.
Construction Cost – Construction costs vary greatly based on the size of building being built and whether or not it is being built by an experienced contractor or an inexperienced contractor. Estimate $200 per sqft for construction costs (approx). This means that if you had 5 units per floor then your construction costs would be around $2 million dollars (approx).
Financing Costs – Financing costs vary depending on individual lenders but typically range between 1% – 3%.
Cost to build a 8 plex
The cost to build an apartment complex depends on many factors. It’s important to know that the more units you have, the cheaper each unit will be.
Multifamily construction costs 2022
According to Construction.com, the average cost to build an apartment complex with 15 units is $30 per square foot. This means that if you want to build a 50 unit apartment complex, it would cost about $1 million. If you include other expenses like furniture and appliances, you’re looking at a budget of about $1.5 million for a 50-unit property.
How much does it cost to build a 50 unit apartment complex?
The answer depends on where you live and how many units you want to build. Here are some examples:
If you live in Los Angeles and want to build a 50 unit apartment complex, it will cost about $5 per square foot or $250,000 in total if there are no amenities included. This price includes construction costs only — no furniture or appliances included!
If you live in Atlanta and want to build a 50 unit apartment complex with amenities like swimming pools and fitness centers, your budget will be closer to $8 per square foot or $400,000 in total for construction alone.