Key Takeaways:
| Key Information | Summary |
|---|---|
| Cost Per Square Foot | $150 – $400 |
| Cost Per Unit | $75,000 – $600,000 (500 to 1,500 sq ft) |
| Total Average Cost | $3.75 million – $30 million (50 units) |
| Average National Cost | $16.9 million |
| Minimum Cost | $300,000 |
| Maximum Cost | $200 million |
| Average Range | $3.8 million – $30 million |
Building an apartment complex is a substantial investment and involves several factors that can influence the overall cost. The following guide will outline the average costs, factors affecting these costs, and additional considerations for those considering this type of construction project.
$150 – $400 Cost Per Square Foot
The cost per square foot to build an apartment complex typically ranges between $150 and $400. This variation primarily depends on the location, materials used, and the design of the apartment building.
$75,000 – $600,000 Cost Per Unit (500 to 1,500 Square Feet)
Costs will also vary significantly per unit, depending on the size and finish of each apartment. The typical cost per unit can range from $75,000 to $600,000 for units between 500 and 1,500 square feet.
$3,750,000 – $30,000,000 Total Average Cost (50 Units)
For mid-sized apartment complexes, housing around 50 units, the total cost often falls between $3.75 million and $30 million.
Average Cost To Build An Apartment Complex
| Average Cost To Build An Apartment Complex | Cost |
|---|---|
| National Average Cost | $16.9 million |
| Minimum Cost | $300,000 |
| Maximum Cost | $200 million |
| Average Range | $3.8 to $30 million |
The cost to build an apartment complex can widely vary as illustrated above. The well-informed decisions take these ranges into account with an understanding of influencing factors.
Cost To Build Apartments By Complex Size
| Number of Units | Square Footage | Average Total Cost |
|---|---|---|
| 4 | 2,000 – 6,000 | $300K – $2.4M |
| 10 | 5,000 – 15,000 | $750K – $6M |
| 20 | 10,000 – 30,000 | $1.5M – $12M |
| 50 | 25,000 – 75,000 | $3.8M – $30M |
| 100 | 50,000 – 150,000 | $7.5M – $60M |
The size of the apartment complex is a significant determinant of the overall cost. Smaller complexes (4 units) might cost as little as $300,000, while sizeable complexes (100 units) could demand up to $60 million.
Apartment Complex Building Cost Factors
Numerous factors can affect the cost of building an apartment complex. Here are some critical aspects to consider:
Foundation Cost
The foundation cost can range from $5.00 to $33.00 per square foot.
Framing Cost
Framing costs can vary from $11.00 to $30.00 per square foot.
Drywall Cost
Expect to pay between $1.50 and $3.50 per square foot for drywall installation.
Flooring Cost
Flooring expenses range from $4.00 to $15.00 per square foot, depending on the material chosen.
Plumbing Cost
Plumbing costs typically range between $4.00 and $5.00 per square foot.
Interior Trim Cost
Interior trim can add an additional $4.00 to $10.00 per square foot.
Siding Cost
Exterior siding costs vary from $4.00 to $13.00 per square foot.
Roof Cost
Roof installation or replacement costs range from $3.00 to $6.00 per square foot.
Insulation Cost
Insulation costs generally fall between $1.00 and $4.50 per square foot.
Electrical Wiring Cost
Electrical wiring can range from $4.00 to $9.00 per square foot.
HVAC System Cost
HVAC system installation costs typically range between $3.00 and $6.00 per square foot.
Interior Painting Cost
Painting the interior can cost between $1.00 and $3.00 per square foot.
Countertops Cost
Countertop installation can range from $50.00 to $150.00 per square foot.
Doors Cost
Door installation costs vary significantly from $225 to $1,900 each.
Windows Cost
Window installation can range from $450 to $1,500 each.
Light Fixtures Cost
Light fixture installation generally costs between $70 and $300 per fixture.
Toilets Cost
Toilet installation can cost between $350 and $800 each.
Sinks Cost
Sink installation can range from $330 to $1,300 each.
Cabinets Cost
Cabinet installation costs approximately $150 to $500 per linear foot.
Appliances Cost
Installing kitchen appliances can cost between $2,500 and $6,800 per kitchen.
Labor
Labor constitutes a significant portion of the building costs. The actual cost can vary widely depending on the region, local labor rates, and the complexity of the project. It is essential to get detailed labor cost estimates from contractors to understand the implications on the overall budget.
Apartment Building Process
The process of building an apartment complex involves several steps:
- Design and Planning: Involves architectural design, permits, and construction planning.
- Site Preparation: Clearing and preparing the site for construction.
- Foundation and Framing: Building the foundation and the structural frame.
- Utilities Installation: Electrical, plumbing, and HVAC systems.
- Interior and Exterior Work: Drywall, insulation, painting, siding, and roofing.
- Finishing Touches: Installing cabinets, flooring, countertops, and appliances.
Apartment Complex Building FAQs
Is Building An Apartment Complex A Good Investment?
Yes, building an apartment complex can be a good investment, especially in areas with high demand for rental properties. However, it requires substantial initial capital and understanding of market conditions.
How Long Does It Take To Build An Apartment Complex?
The time to build an apartment complex varies depending on the size and complexity of the project. On average, it can take anywhere from 1 to 3 years from planning to completion.
How Many Units Are In An Average Apartment Complex?
An average apartment complex can house 50 to 100 units, though this number can vary widely based on design and intended market.
What Is The Average Square Footage Of An Apartment Unit?
The average square footage of an apartment unit ranges from 500 to 1,500 square feet, depending on the type and layout of the unit.
Getting Estimates From Apartment Construction Companies
When embarking on building an apartment complex, it is crucial to get detailed estimates from several construction companies. This allows for a better understanding of the expected costs and provides an opportunity to compare services and pricing.
Questions To Ask Apartment Complex Builders
- What is your experience in building apartment complexes?
- Can you provide a detailed cost estimate and timeline for the project?
- What measures do you take to ensure the project stays within budget?
- Do you have references from past clients?
- How do you handle delays or unforeseen issues during construction?
Understanding and accounting for these variables ensures a comprehensive grasp of the costs associated with constructing an apartment complex and enables well-informed decision-making.
