Hello all, can anyone tell me at how much it would cost to clear, entitle and prep 2.34 acres of land, and at what cost/SF to build a 16-20 unit apartment building in GA? Thanks in advance for your feedback?
@Kyle Ransom There are so many variables when dealing with entitling...I've personally never done anything in Atl however I can safely assume it's near 6-12 month process.
If the land currently zoned to accept multi-family? The FAR, flood plains, runoff, overall design, height, appeal to neighborhood...etc, will all have bearing on getting through the process.
Is the land vacant? Just trees? How much of the land do you want cleared?
A little more specifics will help out.
@RyanHopkins Hi Ryan thanks for your feedback. So this is vacant raw land, has trees, zoned RM for residential multi-family. I could do apartment townhomes or condos. No flood pains. I would what to clear enough land to build maybe 2 acres. I just got this from a bank so I am just doing the light analysis. I am just looking to get some general costs to see if I even have a deal here.
I have no clue about costs in Georgia, but I work in Land Development in Houston. To clear and haul debris for a site that small would be $5-6K per AC in Houston. To build a house in Houston costs $80-90/SF for non-homebuilders who don't have the volume to drive down costs.
Not sure this helps, but I figured it would add some context.
@Junious Williams thanks so much. That's enough to get me started
Any more luck with this deal?
@Junious Williams great post. I’m a developer based investor primarily in Atlanta market. We are developing 15-18 townhomes in Decatur/East Atlanta market. Houston Tx and Dallas seem like compelling markets for development.
Land acquisition and entitlements here in Florida are being underwritten in roughly the $30k/door range. That's a very rough estimate. Construction costs vary widely depending on amenities, finishes, and the like. I had a multifamily developer on my podcast talk about it.
You can always network in your area and reach out to some experienced developers in your area that could give you an accurate overview @Kyle Ransom