Hi BP community! I’m looking to build my first flex warehouse and wondering if my $1,000,000 budget is realistic. Im looking at a lot that is .97 acres, already graded and has water and sewer taps at the front of the property for $160,000. There are other similar buildings already built on this street.
My aim is to have 6,000 sq ft for my own business and then to rent out two 2,000 sq ft flex spaces for a total of 10,000 sq ft.
We’ll definitely do a PEMB, but I’m trying to understand what other costs, like site work options, is necessary. For example, one GC has provided us with an estimate for the project, but it includes items like $22,000 for a trash enclosure, which is non-essential to me.
The current rate for rebar enforced concrete slab is $13/sq ft per this GC.
Building costs seem to be going up so fast that older posts on this topic seem already outdated and inaccurate. I appreciate anyone who has the time to provide any insight into this, and I’m happy to provide more details if I’ve left out anything pertinent.
Thank you so much!
1. Provide your line item budget. Budget $1mm; land $160k; then All in building cost of $840k including landscaping, hookups, parking, sidewalks, fire sprinklers, etc. $840k let's say $140k for everything but the building. Thus $700k for 10,000 sq ft. Equals $70 per sqft, "finished" out??? Please change figures as needed. The two flex spaces are drywalled and "Stubbed" out, or are they finished, with hvac, bathroom, kitchen, etc.
2. Make an excel spreadsheet and show a layout of the property. Setbacks, parking, electrical, sewer, water, hydrants, entrances, night lights, phone lines, fiber optics, storm drains, storm ponds if needed, turn in lanes, etc. Look around you and look at similar properties that have been built recently to identify any issues.
3. Have a "Locate for the property performed. Get an engineering firm to do the survey, and do a plat map of the property with all services and any services required. Then have them lay the building on the property and look for all setbacks, road accesses, parking, fire hydrants, storm drains, storm ponds, etc.
4. Again, look at similar facilities in the same zoning, look for anything structural. Wainscot, fences, roofs, windows, etc that might be dictated by zoning.
5. Actually, first item would be check zoning.
These two other guys are spot on. There are a ton of things that you may not want, but the city will make you put it in. 1 mil is realistic, the metal building will cost you at least 175k for 10k square foot building. A lot of people don’t know how much cash is actually needed up front to get the cost of a build started. You will need to pay your civil engineer, architect, MEP contractors, city fee’s etc, bank fees, and then the costs of the construction loan interest payments during the build. Can’t stress enough to have enough money on hand. I have done 4 builds like the one you want to do. It’s a slow agonizing project.