What are you guys seeing as far as 3 story walk up cost per door? I’m considering diving into this sector of multi but not sure how the cost differs from 4 story elevator served product. For context, I work in SC and NC, GA markets. Any insight would be appreciated.
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GC bids probably $160-180 a door depending on location, quality, design efficiency, etc. Gross capitalization probably $225-245k a door.
Not saying it’s wrong by any means but that’s less expensive than I would have guessed. Is that total inclusive of land value, average entitlements, land improvements, financing, etc.?
Obviously very location specific but I don’t see much development in the Western US penciling for less than $300,000-$325,000k/u for 3-story garden style walk up or at least that’s what I’m told. Can’t imagine the SE is that much cheaper.
Yes inclusive of land and entitlements. $300 a door I would say gets you closer to 4-story stick with elevators. Look at hundreds of these a year from developers nationwide, this is generally where it’s at right now.
Trend wise, starting to see gross cost come in marginally as rates pull back and lumber has moderated. Labor is still a killer though. But seeing gc bids come in a bit just due to competition as well, they’re seeing their pipeline thin out and need to keep construction teams staffed up.
Big thing to remember is that these garden-style/suburban products generally don't have structured parking. Structured parking is $$$$$$$$$$
Are you see this in Nc and SC?
If you’re talking all in 300,000 is what I’m seeing for elevator served 4-story product in SE
Agreed
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