Costs to build townhouse on lot in South Philly

[Matthew Haydt]

Hello all, new to BP. I’m sitting on some cash, I️m trying to buy a lot and build a townhouse to sell as an investment. I️ want to know about how much the excavation, foundation work, and framing are going to cost, for a 1500-2000sqft home (3 floor townhouse, 4 br, garage). I’m trying to estimate if I️ have enough cash on hand to pay for the preliminary construction that way, and then refinance to finish the construction and sell. Houses are going for 450-510 where I’m trying to do this. Will a bank refinance a house that’s only halfway finished? How could I️ use Hard Money to help complete this?

[Mary B.]

you need an architect to confer with who are used to drawing up plans for this type of thing. on average it will cost around $200K to build a new townhouse in Philly. If you want a rooftop deck, which is quite popular around town, it might be an additional $40K to $50K. Finished work value range is $550K, $600K & up with the right amenities. research area developers & their work. reach out to one or two for an in-person meet-up, buy them lunch to pick their brains. my coin.

Kudos,

Mary