How Much Does It Cost to Build a 4 Story Apartment Building?
How Much Does It Cost to Build a 4 Story Apartment Building?
The average cost to build a 4-story apartment is between $4.7 million - $5.9 million, but many factors can impact the costs. For example, inflation affects material prices across cities and states. Moreover, some building styles are more intricate or complex than others, making them harder and more costly to build. With the many factors affecting the costs, the takeoffs and cost estimation of 4-story apartments can still be laborious.
For large-scale 4-story apartment buildings with 50-100 units, seasoned estimators can easily spend weeks, sometimes months, doing the takeoff and cost estimation.
Fortunately, with the use of AI estimating software, the takeoff process for large apartment buildings has become more streamlined. Major global construction leaders report that it helps them complete a week’s worth of takeoff in seconds with up to 99% accuracy.
If you’re a general contractor or seasoned estimator looking to build your next 4-story apartment building project then this guide is for you. By the end of this blog, you’ll discover the cost to build a 4-story apartment, the many factors that influence it, along with an AI-powered tool that can help you streamline the cost estimation of your multi-story building project.
Disclaimer: The pricing stated here is based on average data from third-party research. Prices may still vary due to differences in seasonality and supplier.
Cost to Build a 4 Story Apartment Building Per Square Foot
The cost to build a 4-story apartment is $156 - $240 per square foot. Thus, a 1,000 sq. ft apartment costs between $156,000 - $240,000. Meanwhile, a 10,000 sq. ft. apartment costs between $1.6 million - $2.4 million.
For a more detailed look at how square footage impacts the cost to build a 4-story apartment, here are the low-end and high-end prices depending on the building size.
4-Story Apartment Construction Costs Per Size
Source: Fixr
Cost to Build a 4 Story Apartment Building By Number of Units
In a four-story apartment, there can be 4 units (1 unit per level) or more than 100 units (25 units per level). An apartment with 100 units can easily cost 25 times more than an apartment with just four units. This demonstrates how a single factor, the number of units, can drastically affect construction costs.
Low-End and High-End Costs of an Apartment By Number of Units
Source: Fixr
However, while the number of units can be a quick way to estimate the construction costs, it’s not always accurate. Large apartments, such as a 4-story building, may have units that differ in size. Certain units might have more bedrooms, a different finish or interior design, and added amenities, which will surely affect the final construction price.
Apartment Building Cost Comparison: 4 Story vs. 3 Story vs. 5 Story
As shown in the table below, buildings with more floors have a higher cost per square foot. Thus, a 3-story apartment with the same number of units is often cheaper than a 4-story and a 5-story apartment. The reason for this is that they typically require less structural support and can be constructed with wood and brick or stone veneers.
Source: Fixr
4 Story Apartment Building Costs: Other Factors to Consider
While a 4-story apartment typically costs between $4.7 million - $5.9 million, it can become significantly cheaper or more expensive depending on the cost of land, location, materials, labor, and amenities available. Read further to learn more about each factor below.
Cost of Land
The first step to building a 4-story apartment building is buying land. Depending on the location, land can cost as low as $1,558 per acre or as high as $196,410 per acre.
Listed below are the different states in alphabetical order along with their average land cost per acre. But keep in mind that these numbers only represent the average costs of land. They do not take into account if these lands have access to water, electricity, or an acceptable commute.
Cost to Buy Land Per State
Source: Zippia
Demolition Costs
If the lot contains an existing property that can't be converted, demolition costs must be considered. Depending on the property size and the building materials used, it can be as low as $3,000 and as high as $45,000, but the typical range is between $7,500 - $15,000.
Properties that have asbestos will require a licensed hazardous waste contractor. Asbestos removal is typically between $1,163 - $3,050.
Building Permits
Building a 4-story apartment building requires permits to ensure they’re done under current building codes. While typically costing around $1,200 - $2,000, it’s crucial to consult local county officials prior to the project for more accurate pricing and to determine which permits are needed.
Material Costs
It’s more accurate to look at material costs per unit because large apartments with 20+ units may not have uniform sizes and designs. Some rooms may have custom tilework and complex cabinetry, which will increase the material costs.
Below are some of the common materials needed to build a 4-story apartment along with their prices per unit.
Material Costs Per Unit
Source: HomeAdvisor
- Drywall
The wall or ceiling of an apartment is often made from drywall, which provides an extra layer of protection from the outdoors.
- Flooring
For improved comfort, soundproofing, and liquid resistance, vinyl flooring seems to be a great choice for apartment floors.
In an apartment building, the frame is often composed of beams, slabs, and columns to support the added weight to the structure.
- Windows
It is important to have windows to improve ventilation and allow natural light into the home. When it comes to small apartment units, big windows can give the illusion of more space.
- Bathroom
Typical bathroom construction costs include plumbing, showers, countertops, and lighting fixtures.
- Kitchen
Kitchen construction includes custom cabinetry, unique tilework, and plumbing works that can quickly increase costs.
Other Material Costs to Consider
- Foundation
Foundations are typically built with concrete, stone, and steel to ensure the apartment's stability. It typically costs $5 to $37 per square foot.
- Roofing
Flat roofs are great for larger buildings, such as an apartment, with PVC being the most popular roofing material. Roofing typically costs $8,500.
Labor Costs
Labor costs are often influenced by the general contractor’s buying power, the apartment’s location, and the size and complexity of the building. Here are some of the labor costs to consider when building a 4-story apartment.
Source: HomeAdvisor and HomeGuide.
Cost of Additional Amenities
The following are the costs and descriptions of additional features and amenities you can add to your 4-story apartment. They can help improve the comfort of the apartment residents while bumping up renting costs.
Speed-Up the Cost Estimation of 4-Story Apartment Buildings with Togal.AI
Multi-story apartments are great for saving space and being compact. They need less land, less foundation, and less roofing, resulting in lower costs.
With the scarcity and value of land increasing, low-rise and mid-rise apartments are becoming more popular in cities and developing urban areas. Consequently, the increase in its demand means more multi-story apartment projects for general contractors to cost-estimate.
Want to speed up the takeoff and cost-estimation process of your 4-story apartment project? Leverage our AI estimating software, Togal.AI. With Togal.AI, you can complete takeoffs in seconds with 99% accuracy.
Experience how Togal.AI can help finish takeoffs in seconds and increase the profitability of your 4-story apartment construction project by booking a free demo. A dedicated product manager will help you explore how easy it is to integrate Togal.AI into your workflow.
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