Costs to Build Multi-Family in Los Angeles County

[Brad Umansky]

I am working with the owner of a 1 acre property to determine highest and best use. We think it is something like a gas station, car wash, or drive thru restaurant. The City (can't name the city but it is in Los Angeles County) wants multi-family. I thought I would tap the Bigger Pockets community for insight. Thanks to anyone that can and is willing to provide any wisdom on this topic. 

Assuming the following unit mix:

36 total units:

26 one bedrooms at 600 SF - 15,600 SF

10 two bedrooms at 800 SF - 8,000 SF

3 stories

Surface parking

No land value in your numbers.

Assume minimal amenities – no workout area or pool. Some modest open space with some BBQ grills. A very urban project.

I am looking for a range of total value for the hard costs, soft costs, fees (I know this is would be a wild guess) excluding land. A $500,000 range would be more than close enough (i.e. $3.5 to $4.0M)

My goal is to then put a rent factor to these units and see what the residual would be to the land. Any help you could provide would be appreciated.

[Will Barnard]

Without a full scope of work and plans to bid off, this and any other answer is just a shot in the dark at this point but $4.5 - $5.5M. Parking (garages or just covered, etc), gates, design, finishes, one building or multiple, size of footprint of foundation, how many bathrooms, etc all play roles in pricing plus access, plans, permits, demo(if any).

A market analysis by your real estate agent would help get your rental rate numbers so you can do a proforma on this project.