Updated about 6 years ago on . Most recent reply
Duplex Development - Jacksonville, NC
Hello all. Wanted to share our latest Duplex development in Jacksonville, NC. This duplex will be complete mid-spring and will offer a solid class B living space with a class A feel. With engineered hardwood floors, white cabinetry, stainless appliances and granite counter-tops. This property will offer affordable housing for military and the community alike. Stay tuned for further updates.
Pre-construction-The first month of this development came with a few challenges. We purchased this property in February of 2018 and have encountered a few speed bumps along the way to get though the entitlement process. With all of this behind us we live full steam ahead towards cash flow.
Month 1-This month construction begins. We have finished our demolition (Property had and existing double wide that was in terrible condition) and have set form boards to allow for underground plumbing to begin. Underground plumbing was was completed this week 11/19/18 and slab will be poured the week of 11/26/18. Framing will begin to go vertical the first week of December.
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@James Johner Wow, less than $74/ft2 is crazy low, especially for a 3/2 duplex. As mentioned by @Kyle H., I also can't get anywhere near those costs. My recent builds are in the $85-100/ft2, excluding land. The current one I have under construction (2/1 duplex, 1800ft2) is running right at $100/ft2 (excluding land) and my last one that I finished 12 months ago (2/1 duplex, 2,000ft2) ended up being $93.07/ft2 (excluding land). I hope your numbers end up that low.
I assume that each unit is 1050ft2, which to me seems way small for a 3/2. The bedroom must be pretty small (like 10'x10' to max 12'x12')? The only 3/1.5 I build (all the rest are 2/1 or 2/1.5's) was 2450ft2 total and I thought that was tight.
Are you GC'ing the project and not accounting for those costs? Are you not installing any major expense (like central A/C, which would save $10-12k on your project)?
As for time frame, its also surprising short, especially given its winter. Mine run anywhere from 6 months to 9 months.