Phoenix Arizona new multi unit costs.
I am looking at building a new four or six plex complex in the Phoenix area on raw land. What would a fair price per square foot cost be for such a project be in this market.
Quote from @Nick Caravaggio:Looking on the MLS of what sold in the last 90 days it varies a lot, but $200-$225 sq ft is what most are trading at, but there is one that looks like it’s just got flipped and is right next to ASU in Tempe and it sold for $2.4M at 7340ft, so $325 sq ft. It just really depends on the location.
I am looking at building a new four or six plex complex in the Phoenix area on raw land. What would a fair price per square foot cost be for such a project be in this market.
Thanks Josh, I will need to run some numbers to see how it would pan out. but seems to work out more favouribly for a larger complex build.
@Nick Caravaggio Nick, Price per square foot is highly open to interpretation. If you are looking for a hard cost (construction costs from and including foundation and or slab up) make sure that you separate site (horizontal construction) from hard (vertical construction).
You should separate hard cost from on and off site costs because hard costs should remain consistent for the same project built in the same market while site costs vary to meet conditions particular to each site.
If you are asking about total cost, you will need to include soft cost, financing and costs and land.
The major takeaway here is that you need to be very specific about what’s included in the $psf number you are looking for in order for the quote to have any value or meaning.
Feel free to PM me if you need any help in getting to where you want to be.