Chicago Gut rehab: Cost of rehab/square foot

7 Replies

Hi BP,

I have the opportunity to do something I've always wanted a gut rehab in the Lincoln Park neighborhood!  I found a property but it's completely gutted and I don't think the rough in is done either.  Anyway, I'm trying to gauge how much condo quality rehab is per square foot in Chicago on the north side.  The building is set up for 6 units 2 3/1 and 4 2/1. Any help is appreciated.

First I would check with the city building department to find out exactly what condo requirements are. For example:

. Sprinkler system

. Grounded electrical all code conforming

. Fire rated partitions

. Fire rated ceilings

. Separate metering for electric, water and gas

. Code conforming copper tubing and other code conforming plumbing. 

Etc. Etc. Then I would get a GC out to the site and request an estimate or quote to comply with all condo building requirements. 

I am assuming you want to prepare for  a condo conversion in the future. Is that right?

Possibly but I actually want to offer it for student housing at the moment, which requires some of the same infrastructure as a condo.

In any case the Chicago building department is still a great or the best source for information about what your building will have to offer and conform to if you plan to offer it for student housing. The building and planning departments are not the hammer everyone is afraid to get hit over the head with. They are actually quite helpful in answering all of your building concerns as the owner or landlord. 

Yes I do have contacts there and hadn't thought about calling them.  Do you think they may have some builders as well?

Julece - Do you any good relationships with a contractor?  I would suspect you would be in the $100 to $120 per square foot range (could be less but could be more depending on your contacts). Now a days we analysis many of our jobs on a per square footage basis. A lot of the cost comes in on the finishing material and the type of products you use.  

@Matthew Putnick yes I did call my contractor out.  He's doing a walk thru tomorrow.   I was thinking around $140 (price includes contingency) and hopefully he has a better price.

No way $100/sqft!! I do new construction(brick) at $120/sqft, You are looking more at $55/sqft plus the GC fee 5%-10% with decent allowances for appliances, cabinets, doors, floors etc.. 

Join the Largest Real Estate Investing Community

Basic membership is free, forever.