We are looking at an off-market waterfront condominium development site in Florida to de developed into multiple condo buildings.
Here are some of the specs:
- Fully entitled project - 5 residential pads which can build up to 275 units across multiple buildings ranging from 6-12 stories.
- Pads have been improved with all underground utilizes stabbed to each site and the road in front of the pads has been graded but not fully developed or paved.
- Approximately 510K Sellable SF
- Estimated to sell condos at $400-800 PSF so Total Gross Sales could range from $204M-408M based on that PSF range.
Does anyone have any guidelines they use for the cost they would be willing to pay for land, whether it be on a price per buildable unit or a percent of Gross Sales?
Ex) We would be willing to pay $100K per buildable units ($100K x 275 units = $27,500,000) or 10% of Gross Sales of $250M = $25,000,000. Is their a formula that works for you?
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