How would you ballpark construction/development costs?

[Justin Henry]

Hi All,

I’m new to investing and am trying to figure out how to calculate construction and development costs.

Say if you find a deal online or while you’re driving and want to pursue the analysis in a bit more depth, how do you benchmark your construction hard and soft costs? Do you base it off of a cost PSF basis based on the area or is there a rule of thumb that you use?

Curious to see how people approach this part of their deals and what you can advise. Thank you!