Contractor · Ruskin, FL · Member since 2016 · 20 posts · 7 votes
Tampa/Hillsborough builders — what are you actually building investor-grade CMU homes for in 2026?
I’m a transplant to the Tampa Bay area, so I’m still getting calibrated to what things really cost here. I’ve spent a long time in construction, but I keep hearing wildly different numbers from people locally, and I’m trying to separate real current costs from guesses, retail pricing, and “friend of a friend” numbers.
For a straightforward investor/spec-grade CMU single-family home in the Riverview/Ruskin/Tampa market, what are you actually seeing for:
hard construction cost
sitework/fill
utilities
permits/impact fees
plans/engineering
GC fee/O&P
total cost per heated SF versus total under-roof SF
I’m especially interested in actual 2025–2026 completed or currently contracted projects in Hillsborough County, not national averages or custom-luxury pricing.
If you’re willing to share a recent real-world example, even anonymously, that would really help me get a realistic local baseline.
25 years investing in tampa, what I’m seeing, I’d budget around $175–$200 per heated SF all-in, not including the land, for a straightforward investor-grade CMU house in Hillsborough right now.
Hey OP, your question hits the exact line item most Cape Coral and Lehigh BTR pro formas bury: the gap between hard cost and true all-in basis.
Start with a 1,600 sf 3/2 CMU build. At $145 to $165/sf, hard construction is $232,000 to $264,000. Add impact fees of $12,000 to $18,000, sitework/utilities/permits at $25,000 to $35,000, and hurricane hardening. Impact glass versus shutters is often $9,000 to $14,000 more, and 7th/8th Edition FBC roof strapping and opening details add $3,000 to $6,000. Land in Cape Coral or Lehigh is $45,000 to $65,000. That puts all-in basis near $325,000 to $385,000 before financing.
Now the yield math retail buyers miss. At a $360,000 all-in basis and $2,300/month rent ($27,600/yr), gross yield is 7.67%. Windstorm/hazard insurance at $4,500/yr is a 1.25% yield drag. On a 75% LTV loan at 7.25%, 30-year amortization, the debt constant is about 8.19% (annual payment divided by loan amount). Debt service on $270,000 is roughly $22,100/yr, leaving about $5,500 before taxes, vacancy, maintenance, and management. That is the real spread.
What rent and insurance quote are you using per unit, and does your comp set reflect turnkey retail or raw CMU basis?
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