I would like to get an idea or range in today's prices on how much it would cost to build a 4 family house in New Jersey, not counting the cost for land. Say that each apartment had 2 bedrooms and 2 baths. I know that along with real estate prices, construction costs have probably increased as well. The house would be about 3,000 square ft.
You'll get the phone book when you ask that question. Mostly because its very hard to quote something like that out. What are the finishes. Are you in the city or outside of the city, etc (i.e. labor rates are usually more expensive in cities compared to outside of cities, etc). What types of rules/regulations do you have to adhere to in your town for building multifamily (garages, brick, entrance, etc). Two story? (i.e. roof footprint, foundation, etc).
I think the standard answer for new construction is typically $100/sq ft. So 3,000 sq ft would cost you 300k to build. Assumes plain finishes and building only costs (i.e. no land).
I looked into it a while back. In Newark including architects fees, permit costs, project management etc. you are looking at approximately 125-140 dollars per sqft. This is for rental grade finishes.
Please take into account that if you are a builder, expect to get it for around $130-150/sq. ft. If you are hiring a builder, add 10-20% for their profit.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.