Cost to develop on vacant lot Grays Ferry Philadelphia

[Marc Possoff]

Hi would like some input. I’m an amateur and reading through threads, answers are very technical. 

Own a house in the Grays Ferry section. Also own a vacant lot in Grays Ferry. 

House is a 2 bedroom 1 bath, 850 sq ft. Vacant lot is 14x52. 

Was talking to a co worker and he mentioned why don’t you sell the house and develop the vacant lot? 

Good question as we were going to sell the lot for $50k.

So question is  to build a 2 story, approximately 1000 sq ft with basement on a vacant lot turnkey(I give you the money and you give me the key when you’re done, all it need is furniture) with a basement, what would maximum cost be? 

Thanks!

[Jacob Sherman]

You'd probably be looking at somewhere around $150 a sqft