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How much does it usually cost to build an apartment building?

How much does it cost to build an apartment building? is it usally a set amount per apartment (e.g. $40,000 per apartment in a 200 aparment complex) or is it more of a generalized cost? Well, i'm thinking about adding a complex onto my current commercial/residential land in NH. I wanted to get a basic idea raw costs of building it.

Public Comments

1. I don't normally generalize as I want specifics when it comes to spending money and being on a budget. Since most on this forum are real estate agents or mortgage agents I don't think most of us will be able to come up with a qualified answer to your question. There are several factors that goes into estimating the cost of building an apartment building. You can build this same 200 unit complex cheaper in Mississippi than you can in Long Beach, California so the area will really play a major role in the cost. Then there is the city and it's infrastructure, as far ass roads, utilities and emergency set ups that must be taken into consideration. Will a city even allow you to build such a complex and give you the permits to build such a complex. The type of clients you are attempting to rent from you. If it is the high end then you will be spending a lot as oppose to your blue collar worker. Then there are the number of garages you plan to have per unit. The number of rooms you plan to have per unit. Will you have up and down stairs, use stairs or elevators to get up and down. To build a 200 unit complex you are speaking of lots of money in the millions. There are many units presently constructed that either need rehabbed or being sold by the current owner for you to purchase. Unless you are an extremely wealthy person or have backers that are wealthy and trust you with their money then you are better to start on the low end of the spectrum. Most banks will not lend on this type project unless you have a track record of building such a project and then have the capability to manage such a complex. If you are starting out you should see if you can get into duplex or 4 unit complex and move up as you get more experience. A duplex or 4 units is considered a single family residence as far as a lender lending money to purchase. As a matter of fact you might even qualify for a FHA loan for a duplex or a 4 plex. You will have a place to stay and then renters to assist you in paying the mortgage. I hope this has been of some use to you, good luck. "FIGHT ON"