Looking for Feedback on a MFH Construction

[Harish Nandipati]

Hello Every one,

I am planning a 15 Unit MFH in Tucson Arizona . I already acquired the land and taking bids from Civil engineering, Architects and Builders.

I am trying to get this project done under 90$/sft to be Competitive in the market. I am hoping to spend 10 to 15% in Soft costs, 10 to 15% in Closing, Financing and Appraisal, 40 to 50% in Hard costs. 20 to 25% will be the equity that i would like to have by the time its done. Please advice me whether is this some thing that i can get in the current market. Some of the builders i talked to told me that getting it done for 90$ is not unreasonable but i don't have lot of trust on the builders.  Could you guys please also advice me what i should spend on Engineering costs

Civil Engineering and Architectural ?

Any input is greatly appreciated

[Harish Nandipati]

Hi Jon.. Thanks so much for replying.
The lot is located in central Tucson .. 3 miles from UoA. I am not considering lot price in that 90$/sft. I am planning one bedroom units nothing fancy just rental grade. It’s a R-2 so no need of any zoning . I have an acre lot and it’s good for 15 units. I am considering all the costs in that 90$ except the land price but I am also counting my 20 to 25% equity for developing this . I am negotiating With the contractors and engineers but trying to find out what I can expect for this project . I was quoted 50k for civil engineering and 20k for Architectural ( 1 Acre lot , 15 units total of 11,500 to 12,000sft) . Your input is greatly appreciated