Another way to factor the cost of an apartment building is by unit. The average cost runs from $65,000 to $86,000 per unit. Keep in mind that the numbers in this scenario don’t include labor costs or site improvements.
Labor adds a ton, obviously, but that figure also seems to include some items a government construction project could minimize (permitting costs), and it’s an estimate of an individual project, not a statewide effort to build thousands of units. There would likely be some economies of scale.
It would be interesting to see how they came up with that figure.
It does seem low, but not out of the realm of possibility:
Labor adds a ton, obviously, but that figure also seems to include some items a government construction project could minimize (permitting costs), and it’s an estimate of an individual project, not a statewide effort to build thousands of units. There would likely be some economies of scale.
It would be interesting to see how they came up with that figure.