Opex?

[Wade Funk]

Howdy all...

I'm in the very early stages of developing/building a small apartment complex.  I'm trying to put my package together for some investors, so I'm looking for ballpark figures on what I could expect for a 4 bldg, 20 unit/building complex.  Perhaps slight deviation on the density (higher), but that's my ballpark.  I will adjust the Opex projections based on our ridiculous tax rates down here (Austin area) :)

Wasn't sure if there's a projected opex/door and/or what other basic factors to consider when running projections.

Thanks...

[Bryan Hancock]

The National Apartment Association puts this data out every year:

NAA Expense Study

IREM also has studies here:

IREM Studies

Marcus and Millichap generally has some pretty good data online too.  

With multiple buildings you'll need multiple capex expenditures in later years that will need to be modeled in any decent cash flow analysis.