Cost to build 4 Plex in Minnesota

[Jason Johnson]

Im located in Minnesota and looking to build a 4 plex.  Can someone tell me an around about cost for a 3 bed 2 bath new construction 4 plex would cost? About 1200 sqft per unit.

[John Woodrich]

I can't imagine it every costing $1M to build a 4 plex in MN....

I have been looking at this pretty hard for myself, due to prices or lack of supply it seems that it would be cheaper to build a multi-family property in some areas than it would be to purchase one.

In looking at a recent appraisal I have - under the cost approach they estimated rebuild cost at $85 per sqft (tired building).  I think this is really closer to $100-$120 if you were to hire it out not being cheap but not going overboard on finishes.  You would also have to source the land which would vary based on location.

With the guys I have I would only need to contract out the foundation and the licensed trades and my guys could complete most of the work saving me the developer cut and contractor profit.  I have plans to get a builder's license this summer but it seems like everything gets pushed out.  We will see if I have time to put towards this.