How Much Does It Cost to Build a Fourplex?
How Much Does It Cost to Build a Fourplex?
Many factors can impact the cost to build a fourplex, such as the materials used, type of finishing, inflation, labor, design, size, and location. For example, an apartment with a concise and simple layout can be cheaper to build compared to a building with more intricate details. European-style apartments and even Mediterranean homes may have materials that are costly or may require a higher level of expertise to build.
The average cost of building a fourplex is between $190,000 - $648,000 but can easily hit the $1.1 million mark for areas with a high cost of living. Unfortunately, because of the many factors that impact the final costs, the takeoffs and cost estimation of fourplex projects can still be laborious. Even seasoned estimators report that they spend up to 60% of their time in this process alone.
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 Fourplex
Source: HomeAdvisor
But with the use of AI estimating software, the takeoff process for fourplex and other multi-family homes 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 fourplex project, then this article is for you. Inside, discover the cost to build a fourplex along with the many factors that impact it. At the end of this blog, you’ll also discover an AI-powered tool that can help you streamline the cost estimation of your multi-unit building project.
How Much Does It Cost to Build a Fourplex Per Square Foot?
A fourplex is a building with 4 separate living units. It’s typically 500 - 1,200 square feet, but can be larger depending on the capacity or number of rooms per unit.
The average price for building an apartment is $270 per square foot, but it can also range between $90 - $430 per square foot. This does not include other factors such as architect or contractor fees, land purchase, finishing, and parking lots.
Due to its intricate details and more expensive materials used, luxury apartments can cost up to $300 more than builder-grade apartment buildings per square foot
How Much Does It Cost to Build a Fourplex Per Unit?
Project owners typically invest around $104,750 to build a 4-unit apartment. Depending on the location, materials, and upgrades within the unit, the cost can range from $47,500 - $162,000 per unit.
Cost to Build a Fourplex Per Unit
Source: HomeAdvisor
How Much Does It Cost to Build a Fourplex Per Story?
A fourplex apartment is either a two-story building with two units per floor or a single-story building with 4 units side-by-side. Here’s how the number of floors affects the cost to build a fourplex.
Cost to Build a Fourplex Per Story
Source: HomeAdvisor
How Much Should You Spend on Your 4Plex?
If you already have a specific budget in mind for your fourplex apartment, then you’re probably wondering how much to spend per project area. Typically, architect fees account for up to 10% of the total project costs while contractor or builder costs account for 25%.
But for specific project areas like the kitchen, bathroom, and more, here’s a detailed breakdown:
Cost Breakdown of Fourplex Construction
Source: Fixr
Other Factors to Consider to Build a 4-Unit Apartment
The average cost to build a fourplex is $104,750, but can quickly become cheaper or more expensive depending on the location, materials used, and labor. Read further to learn more about each factor below.
Cost of Land
The first step to building a fourplex is buying land, and land prices will depend on the location. The table below shows the average cost of land per acre in each state with Wyoming being the most affordable, costing $1,558 per acre. By contrast, New Jersey tops the most expensive state to buy land costing $196,410 per acre.
However, note that these are only average costs of land and do not consider whether these land have access to plumbing, electricity, or a reasonable commute from work.
Cost to Buy Land Per State
Source: Zippia
Materials
The materials used will depend on the type, design, and number of amenities present in a single unit. Larger units may have a bigger kitchen and more exquisite bathroom designs that can quickly bump up construction costs. Custom tilework and more complex cabinetry will require experienced specialists which will also influence the labor costs.
Below are some of the common materials for fourplex projects, along with their description and pricing.
Source: HomeAdvisor
Labor
Labor costs are often 40% of the total construction costs, and are often influenced by the general contractor’s buying power, the apartment’s location, and the size and complexity of the fourplex.
Here are some labor costs you can expect to pay when building a fourplex.
Source: HomeAdvisor and HomeGuide.
Local Fees and Building Permits
Constructing a new building or a new home requires a permit to ensure they’re done under current building codes. Typically, it costs around $1,200 - $2,000. It’s crucial to consult local county officials prior to apartment building projects for more accurate pricing and to determine which permits are needed.
Speed-Up the Cost Estimation for Fourplex Projects with Togal.AI
Fourplex buildings allow four families to inhabit a single piece of land, making it a cost-effective housing option. Because of this, more homeowners and project owners are investing in fourplex construction, consequently increasing the demand for general contractors to manage the projects.
Want to speed up the takeoff and cost-estimation process of your fourplex construction project? Leverage our AI estimating software, Togal.AI. With Togal.AI, you can finish takeoffs in seconds with 99% accuracy.
Not only does it help you speed up the process with reduced human error, but it also enables you and your team of estimators to focus on more important tasks such as scoping and value engineering.
Experience how Togal.AI can help finish takeoffs in seconds and increase the profitability of your fourplex 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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