Cost of ground up development

[Andrew Jennings Freerks]

Hello BP Fam,

Ever since I was a young kid I wanted to become a real estate developer.  Over the past 4 years, I have acquired several rental properties in the Chicagoland, NYC and Albany area, most of which required only small to medium renovations, except for my most recent projects in the Albany area.  That 4 unit required almost a complete gut renovation and will be completed in a few weeks time.  The project has been stressful at times, but overall it has been a great experience and value add seems to be where I want to focus my future purchases.

That being said, to continue my growth towards becoming a medium sized real estate developer, I would like to complete my first ground up development in 2023.  We have a few lots in the downtown Albany area already identified, but my question to everyone is do you have a rough idea of the cost per square foot to build a 2,800 SF three family plus basement apartment (for my super)?  I know there are a lot of variables at play but I just wanted to see if others have done something similar Upstate New York.  

Thanks for the help!

[Allan Smith]

in Nashville, including builder fee, it's around $180/sf. That's for finishes like granite tops, hardwood floors, Hardie siding...