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Updated almost 11 years ago,
Need advice on construction ballpark figure (18-unit)
So this is going to sound stupid, but the situation is unique so bear with me. I have the opportunity to get an 18-unit building under option, but I may have to move fast. After winning the option bid, I can do the full inspection, so it will only cost me the inspection fees if I decide to bail.
Having said that, I need a very gross estimate ballpark figure on what it'll cost me. No replacement is necessary, I only need to get it finished.
Summary:
- The hallway (200ft) needs to have walls put up, right now all wiring and pipes are exposed.
- 1 floor is a construction site (3.300 sqft) with a ceiling height of 130ft (very high). There's wiring, plumbing, gas and underfloor, but no floor, no walls, no windows, no plasterwork, no nothing. That's the largest part to work on. Just imagine a large cube with everything stripped and ready to work on. Example, only imagine this with new materials, wires everywhere and a lot bigger.
- Two units need all of the plasterwork and flooring installed (800sqft each), but at least the walls are there. (Imagine this)
- The other 10 units are 90% done. Still needed is some finishing touches, the light fixtures, equipment installation (kitchens, baths are there, just not installed yet). I can even do this myself.
Now suppose I want everything move in ready. No grand luxury, no expensive materials. Also assume there aren't any structural errors or impossibilities in my plan (that's what the option is for).
In other words: construction costs to get a bunch of empty, habitable units.
I'm estimating about 700,000 USD in costs.
My question: is that safe to assume? Am I over-/underestimating? Is it more like 500,000 USD, perhaps? Or more like 900,000 USD? Or am I completely off? A variance of 100,000 USD is fine, but I'll get in trouble if going 200,000 USD over budget.
Depending on the ballpark figure, I can make a winnable option bid. But I have to move fast, so I don't get the luxury of doing a decent inspection now.
If you guys can help, I'll be sure to document the process should I win the bid ;-)
Also, is J Scott his book applicable to my situation? It's not exactly a house I'm working on here.