Materials would cost around $4.65 million, labor would cost roughly $4.51 million, machine costs would stand at roughly $232,000, and the contractor would take in over $1.3 million for the project. The cost excludes land acquisition and site improvements (e.g., parking, landscaping, and play areas). This building would not come in at a simple cost of $85 per square foot this is due to the excessive construction required on the interior.Ī three-story unit of masonry construction with twelve apartments would run roughly $9.4 million in total costs. This pricing structure assumes that carpenters, masons, and excavators charge an average of $70 per hour, electricians between $65 to $85 per hour, painters between $20 and $35 per hour, and plumbers between $45 and $65 per hour. However, the national average stands at $125 for most contractors. The above figures place this construction at an $85 and $200 per square foot cost.
#Cost to paint 2 bedroom condo full
Utilizing mid-range materials, a regular foundation with full basement, efficient doors and windows, all appliances, and "turnkey" finishing would run at an average of $64,575 to $86,100 per unit to complete, not including acquisition of land. It typically requires a knowledgeable contractor, an architect, and a subcontractor team, and a cooperative owner to get the job completed within a calendar year. The building of a single mid-rise complex would never be a "DIY" project. Energy Information Administration, the size of the average apartment is 861 square feet, which assumes a "footprint" of approximately 24'x35'.
So, what does it cost to build an apartment complex?Īs mentioned, there are many variables – for example, apartments come as low-rise, mid-rise, and high-rise architectural styles.įor this discussion, we will look at the mid-rise buildings with five or more units in each.Īccording to the U.S. These costs include all of the builder’s expenditures that go into a particular item, including labor costs paid directly by the general contractor, hiring subcontractors, and the cost of materials. When it comes to determining the cost of commercial apartments, many factors must be taken into consideration, including building practices, the cost of labor, the cost of land, and to some extent, the cost of the materials.īecause these tangential costs can differ significantly from location to location and depend on the nature of the particular apartment building, it is difficult to provide a one-size-fits-all answer.Īlthough the National Association of Home Builders (NAHB) can provide a broad idea of construction costs for an average home, it is not ideal for estimating costs for a commercial apartment building.Ĭompanies that provide more specific cost estimating, usually for a fee, include RSMeans and Marshall & Swift.
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