New Duplex/Triplex cost

8 Replies

I haven't really been able to find a duplex in my area as everything seems overpriced for how old(built in 81/82) they are and the condition they are in.  I can get a good sized lot cheap in my town and was thinking it may work for a duplex or triplex.  Anyone know what kind of costs I would be looking at in south central Indiana?  The older duplexes for sale are listed between 115-121 and most need roofs and complete interior updates.  Can you build new for close to that price?

I priced it out once but it is different in every region and city you live. I believe the quotes are given 'per square foot' What averages are in your neighborhood I wouldn't know, but I'm sure a local GC will.

@Matt Sterling - that sounds very high priced for your local duplexes.

You are right, one can probably build for as much or less.

Just be sure the zoning is for multifamily on the lots you are looking at.

There's not really enough information to give you an answer. Will you be working on the jobs and doing any of the work yourself? Are you acting as the General Contractor and subbing out or ? 

The best thing to do is talk to a contractor (check license, bond, and references)  that works the area and get pricing. Remember, the closer to a box you can get, the more striaghtforward the rooflines, etc.,  the better for keeping prices under control. When you're in a tight market, design and well thought out finishes are everything. 

Originally posted by @Karen Margrave :

There's not really enough information to give you an answer. Will you be working on the jobs and doing any of the work yourself? Are you acting as the General Contractor and subbing out or ? 

I wouldn't be doing anything.  

@Matt Sterling  Then you definitely need to talk to someone able to put all the pieces together for you, and find out what it will cost you. The truth is, in a market that is tight, and when you aren't an agent, or contractor, or able to bring something like that to the table, then you need to have everything else work out perfectly in order for it to make sense. 

Also, you didn't mention if you were holding and renting them or ? Also, what are they getting for rents in those units that are for sale? 

If you're the only game in town as far as new construction, your units obviously willl be more in demand. They have new everything, plus will be much more energy efficient than the older units, etc. allowing you to ask higher rents. 

Originally posted by @Karen Margrave :

@Matt Sterling  Then you definitely need to talk to someone able to put all the pieces together for you, and find out what it will cost you. The truth is, in a market that is tight, and when you aren't an agent, or contractor, or able to bring something like that to the table, then you need to have everything else work out perfectly in order for it to make sense. 

Also, you didn't mention if you were holding and renting them or ? Also, what are they getting for rents in those units that are for sale? 

If you're the only game in town as far as new construction, your units obviously willl be more in demand. They have new everything, plus will be much more energy efficient than the older units, etc. allowing you to ask higher rents. 

 I would be holding them and renting them.  Rents in those units I were referring to are going for 600.  There are units in my town going for 750 though yearly and 815 month to month.  Those seem high though, I haven't seen inside those units to see exactly what they offer.  I would have the only new construction duplexes in my town for the time being.  Hopefully I can get a realistic price from a GC or two this week.

Sounds like there might be some potential there, depending on costs. On the lots you are looking at, are there utilities to the property? Has the property ever been developed? (If so, sometimes you can get credit back on some of the fees) How big is the parcel? Zoning? These are all things you want to look at. 

Good luck. 

Originally posted by @Karen Margrave :

Sounds like there might be some potential there, depending on costs. On the lots you are looking at, are there utilities to the property? Has the property ever been developed? (If so, sometimes you can get credit back on some of the fees) How big is the parcel? Zoning? These are all things you want to look at. 

Good luck. 

 A house used to be on this lot.  My parents bought it in 05 and tore down the house.  It is in front of their business.  It is .43 acres.  Not sure about zoning, this is a small town and on the property cards nothing is listed for zoning for any property. They are all just blank. I don't foresee any issue on getting approval to put a duplex or tri there though. Thanks

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