Chicago Rehab Quote - This seems high. Thoughts?

[Travis Russell]

I wanted to get opinions on a contractor quote for rehabbing a garden unit apartment. 700 sq ft, would need a full gut, including excavating the concrete slab floor to level and increase ceiling height.

For a basic reno, what would a ballpark estimate be to take the place down to the studs, dig out the floor, and rehab with standard finishes, which would also include granite, simple SS appliances, new wiring, and can lights. Most likely thermal radiant heat in the floors to avoid running duct work.

I anticipated somewhere in the $30-40k range but got a quote of nearly double. It's a small apartment with no radon issues or any major water penetration, etc. Brick and stone facade which could be sand blasted and left exposed as well.

Thanks for your opinions! I know it's difficult to "ballpark it" without seeing a property. I'm just trying to decide if I'm crazy in my estimate, or if the quote I received is reasonable.

(BTW, I estimated off of $30-40 sq ft for the rehab plus an additional ~$10k for the floor excavation.)