Development profit margin

[Eric Torres]

I have land in Northern New Jersey with approvals to build 18 residential apartments with 1 small retail space.  I purchased the property with the plan of getting zoning/planning board approvals and selling the project to another developer.  I am now considering moving forward with developing the property myself.  I am curious to know what a typical profit margin would be on a project like this?  I understand every market is different however what is a typical percentage profit developers typically look for in a deal like this?  

I'm estimating the all in cost for this project will be about $5m.  Includes land cost, architect, engineering, construction cost, financing, etc.  I anticipate the building will be worth around $5.7-$6m upon completion and lease up.  

Curious to know if other developers would proceed with a deal like this?