New Construction Square Footage Cost

[Kenneth C.]

Hello,

I close on a 1000 sq. ft. lot this week. I've been conversing with several architects over the past several months while we work through issues with the city and the parcel's title (iykyk). My intention initially was to maximize the cash flow and build a triplex. However, it seems the most feasible option would be to build a duplex. With that in mind, I initially was basing my construction cost on the footprint of the lot (i.e., $160.00 * 1000 Sq. Ft). Even with a higher per square footage charge that I'm using, I've been told that isn't the best way to estimate your cost. It was suggested to me that a more accurate way is to base it on the square footage of the proposed building. Do you all have any insight on this?

Looking forward to your responses!

Cheers!