Builders, Contractors, Phobia - Couple Questions

[ferrarispider95]

I know this cannot be accurately estimated without full assessment of the property, but I am just trying to get a ball park figure to see if this is a feasible solution.

I have 5000 sq ft of unused space located on the 2nd floor of a downtown building. I was think of renovating it to build loft style apartment for rentals, nothing super fancy, contractor grade stuff.

The ceilings are about 12 foot, the structure is good, wooden floors in good shape, water, electricity, and gas. I would like to keep the ceiling the same height, but would need to estimate energy expenses.

Any ball park figures on building 4, 2 bedroom, 1000 sqft apartments? (or possible different configuration)

I would probably do as much work as I can and hire out the rest. You can base your estimate on most of the work being done by a professional. I belong to a Main Street Association that supposedly has an architect at your disposal because they are pushing revitalizing the downtown area.


Thanks, appreciate any advice. I know there are a million more things that add up other than just building and labor costs, but this will give me an idea to do roi analysis and see if it is feasible.

[rageeumr]

My company just did a 4,500 sf tenant finish in a loft building for about $175K. It was a pretty open floor plan, though, and all ceiling structure, etc. was exposed. If I had to take a stab at it, I would think you'd be looking more in the $250K-$275K range for living spaces once it was all said and done if you were using a commercial contractor.

[rageeumr]

I should qualify the fact that the $250-$275K number is what I would tell a potential client that came to me with your question. I like to shoot a little high, people really hate it when you miss on the low end. Depending on the final design, it could be much, much cheaper.

[mikeyis4dcats.]

based on your little info and the target market, I'd say thats a pretty good figure to start with. You need to remember the type of client that will want to by an upscale downtown loft will expect finer appointments like granite and stainless not builder-grade materials.

[Hog's Gone Fishin]

Thats easy, 1000 ft. square apartments run $95.00 per square ft. Since you already have a portion of the biulding done(outside walls ceiling and floors you can knock off 37%). Therefore 37% of 95= $35.15 sq. ft. to finish. Multiply times 1000 =35150 x 4 apartments = $140,600. let me know if you need anything else.

[ferrarispider95]

They are not going to be upscale apartment - not that type of market. (Emporia KS, population 25k)

If it is going to be well over 100k, I don't know if the investment is worth it. I will look to how much value it will add and how long it will take to pay itself off.

I might just try to rent it as storage or something and throw up some walls.

Thanks

[Spicy McHaggis]

All I know about contractors is that those working on the Death Star weren't innocent victims.

[Buehler445]

They are not going to be upscale apartment - not that type of market. (Emporia KS, population 25k)

If it is going to be well over 100k, I don't know if the investment is worth it. I will look to how much value it will add and how long it will take to pay itself off.

I might just try to rent it as storage or something and throw up some walls.

Thanks

Which building is it in? (I live in Emporia btw).

[Bowser]

All I know about contractors is that those working on the Death Star weren't innocent victims.

LMAO

[Alphaman]

Thats easy, 1000 ft. square apartments run $95.00 per square ft. Since you already have a portion of the biulding done(outside walls ceiling and floors you can knock off 37%). Therefore 37% of 95= $35.15 sq. ft. to finish. Multiply times 1000 =35150 x 4 apartments = $140,600. let me know if you need anything else.

Uh..Hog, you would have missed this question on the math exam. If you knock of 37%, then the cost would be the remaining 63% (or$59.85 assuming your % calculation is correct, making the total just shy of $240K. That's in the same ballpark of rageeumr's calculation.