Hot or Not? DO NOT SHARE THIS! Current build $ new for 90 unit 3 story walk up-2024
Yes, sharing our actual costs, we need more housing but also letting people get past some of the big unknowns. Sorry about the clickbait. Here is our current budget... We are on the West coast. (Not CA). How does this compare
with other projects? We are the developer and the GC, (yes also took the 4 years to get it entitled, oh yea, also the cost
for all the entitlements. We are pouring foundations. Maybe photo updates. The cap rates are just for place marks, interest rates
will help. Site is flat, all funding in place... we are going building. I should share the capital stack, not pretty but gets the job done.
Quote from @Chris Blackburn:
Yes, sharing our actual costs, we need more housing but also letting people get past some of the big unknowns. Sorry about the clickbait. Here is our current budget... We are on the West coast. (Not CA). How does this compare
with other projects? We are the developer and the GC, (yes also took the 4 years to get it entitled, oh yea, also the cost
for all the entitlements. We are pouring foundations. Maybe photo updates. The cap rates are just for place marks, interest rates
will help. Site is flat, all funding in place... we are going building. I should share the capital stack, not pretty but gets the job done.
rent price per square foot is super low. I'd also recommend dumping the garages there's almost a total loss on that unless you are putting units above them on a dense infill lot for additional units it's not worth the cost of construction. build cost is pretty high for your market for three story suburban walk ups. we could never build at that price and make any money. suburban sells for 160k a door in our market with land. get on yardi make sure you Arne't going to lose money on it. I'd reduce the size of your units and stick more to 1 bed and 2 bed than what you have the numbers aren't really looking good on this deal.
