Building a cost effective multi unit

[Account Closed]

Hi Everyone, I’m looking at some land in a town nearby me to build a multi family property on. It already has the right zoning, so that’s a plus. Roughly about .5 acres. What would be the most cost effective way to build as many possible units?(townhouses, apartment building, first floor living complex) The area is a B+ blue collar town. Also, does anyone have any idea where to get building plans for something like this? The good multi family properties in my area rarely come up for sale, so I’m exploring other options.

[Jared W Smith]

Originally posted by @Account Closed:

Hi Everyone,

I’m looking at some land in a town nearby me to build a multi family property on. It already has the right zoning, so that’s a plus. Roughly about .5 acres. What would be the most cost effective way to build as many possible units?(townhouses, apartment building, first floor living complex) The area is a B+ blue collar town. Also, does anyone have any idea where to get building plans for something like this? The good multi family properties in my area rarely come up for sale, so I’m exploring other options.

 It sounds like you have a good deal of research to see if your plan is viable. I'm not sure of your locale but you will very likely need to bring on a team to get it built. Your starting point lies with an Architect for sure. (Draftsman will be under qualified, especially when permits and filings come into play.) Being an architect myself, you will need more than "a set of plans" for what you're taking on. Aside from just property's zoning which dictates the quantity allowed, there are the other site requirements and restrictions.

As far as efficiency, a small apartment building would likely be the most cost effective for the most units. However it greatly depends on the housing sizes/SF desired and for whom it will be for (seniors, young people, families, singles professionals, etc.). Plus will vary based on height restrictions and parking to name a few. 

If you are serious, get a local architect on board. Interview a few which do similar projects as what you want and go from there.