8-10 Unit Development in Milwaukee

[Robert Damato]

Hello! 

I am looking for some information on how to estimate what construction costs will be for a development of an 8 or 10 unit townhome style property.

I have an opportunity to purchase some land on the east side from a relative in order to build. It is 3 parcels right in a row with RT4 zoning for a total of 10800 sqft. This gives me 7560 Sqft of buildable land from what I understand (70%).

After talking to alderman's and some other developers it sounds like I can fit a 2 story 8 unit on the property, the area is class A/B

I understand cap rates and how the value is calculated, I have an idea of soft costs, but I am lost when it comes to estimated what the cost of the build will be. From there I can obviously back out equity and financing fees and figure out what I can pay for the land... that's my goal at the moment.

Looking for some insight on how to better estimate construction costs as well as an architect that would fit this project size and maybe any suggested financing structure aside from bank construction loans, which are extremely hard to come by these days. 

I appreciate your time in advance.

Cheers!!