Real Estate Development Costs

[Cate Mee]

Good Afternoon Bigger Pockets,

I have been reading the site for awhile, but first time poster. I am looking for some feedback/advice from the BP Community. My husband and I own a vacant lot near the riverwalk in a highly desirable (A) neighborhood in San Antonio. We are zoned for up to six units on the property, but in researching the cost of construction we have heard anything from 120 a sqft to 185 a sqft plus 200K in land development costs for a new construction multi-family. At 2 million dollars this project would not make sense in regards to ROI for expected rental income. Any suggestions from the BP community on what is realistic? We own the land outright and know the true market value to be around 250K for the lot at the moment. We could build single family up to a six unit. We have been told that the costs to build commercial are significantly higher than those to build single family due to regulation, etc. We have spoken to several GCs as well as several Architects. Any insight is much appreciated.