Development cost resources?

[Derek Schlicker]

Hi Everyone - 

I am one year into my life as a real estate investor, and am hoping I can get some resources on cost estimates on new-structure development.

A little background. An off market parcel fell into my lap and I'm trying to run some back of the envelope numbers on a teardown and new-structure development in Snohomish county (its in a downtown area).  

Its a 7,500 sq ft lot with a SFH on it (structure is worthless and should be torn down). My intent is to tear down the structure and build a 3-4 unit MF structure in its place.

I've confirmed the land is zoned appropriately to do this, but just need to find some data on construction/development costs so I can run the numbers to see if they work for my goals. Is there a resource online to do this? Or, what does the market typically charge per sq-ft in your expense? 

I'm also looking for developer references to get rough estimates/vendor selection should I obtain the property. 

Thanks!

[Nik Moushon]

I'm on the East side here and working on an 84 unit apt complex. Depending on their phasing of construction that project came in from about @135-165/sf. Now thats just the building construction cost not the site work and land cost. I'm not sure how comparable that is to the West side but you should have more option for contractors than over here so the price might be somewhat comparable. I would go with the higher end of those numbers though. These numbers are based off a high volume of build compared to your 4-plex. So at 1000 sf per unit that will probably land you at $660k ish for a 4-plex. That would a decent starting point IMO. Again though I'm basing that off number on this side of the mountains. You can always call up a couple local contractors or architects to ask for ball park numbers on building costs. They will probably be willing to do ballpark numbers over the phone but not much more than that unless you actually have something that you are set on building. (i.e. a signed contract)