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.