Maximizing Cash Flow 30 Unit

[John Barry]

Working on building a apartment complex (25-30 units).

Currently have needed land, and enough parking for 29, all zoning requirements are met.

We have had the property professionally surveyed, have met with our GCs and are waiting for some initial renderings from our architect at this point. We also have the funding lined up as well.

We are allowed to build up to 5 stories on the property. (Though we are leaning more towards 3 as we simple may not have the need to build higher)

We have parking “underneath” the building to maximize units.

Assuming build costs and end results any advice on say the ideal (if there is such a thing) On say 26 units? 1 Vs 2 Vs studio?

Also we plan on adding a coin op laundry area. Are there any formulas people use as to number of machines for number of units?

Also any additional ideas or thoughts would be greatly appreciated.

Thanks

[Nik Moushon]

You need to be careful on how you mix your units because this will lead to different parking requirements. Make sure you go over this with your architect, they will be able to figure this out for you. Without knowing your code for your specific site all I can do is give an example. For my location even 1 unit apt require 1.5 parking spaces and 2+ units require 2 spaces. 

When you say you might go three stories do that include the underneath parking or not? Anything over 3 stories tall requires an elevator and also triggers a lot of code changes. Again, your architect should know this, but if you can try to stay 3 stories or under it will really cut your costs down.