Mixed Use Development: Austin Area
Apartments on top, commercial space on the bottom. Have you build one or do you own one? I'm trying to get some preliminary numbers to see if this is a realistic possibility.
We're thinking about doing a 3000sqft foot print... 3000sqft upstairs (4-5 apartments), 3000sqft downstairs = 6000 total leasable space. My business would occupy 2000sqft of the commercial space. We own the property and would not be purchasing a new piece of land.
Property tax would come on at around 15k/yr or 1250/mo
I got a quote on insurance that would put it at 8,500/yr or 710/mo
The number I'm having a really hard time trying to nail down is the price per foot to build.
I was told by a builder, it would cost 60-70sqft to build the shell. I was told by a neighbor with a similar property it would cost 150-170sqft to build ($80-110 to finish out?). I've been told by another builder 200-230sqft. I am aware that a lot depends on how everything is finished. Would half of the finish out for the apartments be closer to residential buildout cost? Which I've been told is closer to 135sqft. The building would need to be 4 sides masonry per city ordinance.
If the commercial space was basically "roughed in" with A/C, cement floors, drywall, and a basic bathroom, could I save any substantial amount on the build?
I'm in the process of having an architect do some elevations to talk over with the city and the bank, but I'm not wanting to pay for the full design until it's been confirmed to me that we are on the right track. I understand that it'll be hard for anyone to give me any exact numbers without full architectural plans. But can anyone give me some insight?