Do you want to have ROM(Ballpark) numbers to help you evaluate multi-family renovation costs? Check out my renovation cost sheet below!
Disclaimer: These are just for ballpark; area, contractor, scale, and location will all change these prices. I highly recommend finding a contractor local to your area that can help you put together your renovation numbers.
My main goal is to shed some light on what it actually costs to renovate apartments. A small estimating error can not only ruin a deal but could end your investing career forever!! These numbers have helped me when I am underwriting deals to determine if the value add I am trying to do is even possible with my budget. How many of you have seen a property listed and only half the units are renovated? This is because the investor ran out of their Cap Ex?
Please comment, message, harass me! I want your input and thoughts.
| Div | Description | Cost | Unit |
| 1 | Engineering Structural | $350-$5,000 | EA |
| 2 | Asphalt Parking Lot | $10.00 | SF |
| 3 | Asphalt Striping | $0.75 | SF |
| 4 | Sanitary Sewer | $2,000-$20,000 | EA |
| 5 | Storm Water | $10,000-$20,000 | EA |
| 6 | Water Mains | $2,000-$20,000 | EA |
| 7 | Tree Removal | $2,000-$10,000 | EA |
| 8 | Demo | $540.00 | Unit(1000SF) |
| 9 | Counter Demo | $250.00 | EA |
| 10 | Mold Treatment | $400.00 | Unit(1000SF) |
| 11 | Concrete Sidewalks | $6.50 | SF |
| 12 | Curb and Gutter | $8.50 | LF |
| 13 | Brick Veneer Repairs | $1,000-$25,000 | EA |
| 14 | Brick Point Up | $40.00 | SF |
| 15 | Metal Pan Stairs New | $7,750 | EA |
| 16 | Ext. Metal Railing | $750-$1,500 | EA |
| 17 | Framing(New Const.) | $10-$25 | SF |
| 18 | Cabinets | $3,000.00 | Unit(1000SF) |
| 19 | Cabinet Demo | $500.00 | Unit |
| 20 | Interior Door | $160.00 | EA |
| 21 | Exterior Door | $265.00 | EA |
| 22 | Fibert Cement Siding | $8.00 | SF |
| 23 | Vinyl Siding | $3.75 | Wall SF |
| 24 | Insulation | $1.50 | SF |
| 25 | Roofing | $2.25 | SF |
| 26 | Replace Window | $175.00 | EA |
| 27 | Drywall Point Up | $500.00 | Unit(1000SF) |
| 28 | Drywall Hanging | $18.28 | Sheet |
| 29 | New Sheet Taping | $6.00 | Sheet |
| 30 | Carpet | $1.40 | SF |
| 31 | LVT | $2.61 | SF |
| 32 | Interior Painting | $2.00 | SF |
| 33 | Exterior Painting | | |
| 34 | Mailboxes | $10,000-$30,000 | EA |
| 35 | Wire Shelving | $65.00 | EA Closet |
| 36 | Fire Extinguisher | $45.00 | EA |
| 37 | Blinds | $465.00 | Unit(1000SF) |
| 38 | Bath Accessories | $157.74 | Unit(1000SF) |
| 39 | Mirrors | $33.98 | EA |
| 40 | Garage Door | $916.67 | EA |
| 41 | Trash Compactor | $35,000-$50,000 | EA |
| 42 | Refridgerator(Stainless) | $1,035.00 | EA |
| 43 | Range(Stainless) | $782.00 | EA |
| 44 | Dishwasher(Stainless) | $197.00 | EA |
| 45 | OTR Microwave(Stainless) | $251.00 | EA |
| 46 | Granite Countertops | $37.00 | SF |
| 47 | Formica Counters | $10.00 | SF |
| 48 | Sod | $1.56 | SF |
| 49 | Irrigation | $500-$15,000 | EA |
| 50 | Pool(New Const.) | $80,000-$200,000 | EA |
| 51 | Water Submeters | $185.00 | EA |
| 52 | HVAC Units & Grills | $3,450.00 | Unit(1000SF) |
| 53 | HVAC Ducts Replace | $500.00 | Unit(1000SF) |
| 54 | Tub Refinish | $500.00 | EA |
| 55 | Bath Faucet | $60.00 | EA |
| 56 | Kitchen Faucet | $115.00 | EA |
| 57 | Kitchen Sink | $175.00 | EA |
| 58 | Fiberglass Tub Replace | $950.00 | EA |
| 59 | Toilet Change | $135.00 | EA |
| 60 | Outlets & Switches | $750.00 | Unit(1000SF) |
| 61 | Ceiling Fixtures | $75.00 | EA |
| 62 | Ceiling Fans | $220.00 | EA |
| 63 | Panel Replacements | $635.00 | EA |
| 64 | Additonal Wiring | $250-$5,000 | EA |
| 65 | Smoke Detectors Battery | $17.00 | EA |
| 66 | Smoke Dectors Wired | $40.00 | EA |
