Cost to build multi-family (aprox 8 units) in San Diego?

[Carl Morgan]

Hi All, we have a property that is zoned multi-family and needs to be developed near SDSU area. The neighboring lots have both been developed into single story units/apartments so the zoning is a non issue.  In fact, with less parking requirements nowadays, we can probably build more units than the neighbors.

My concern is: can it be cost effective to build and hold as rentals for positive cash flow?  What's the estimated cost per sq ft to build ground up with standard builder grade finishes?