Ballpark Cost for 2-Fam Gut Job?
I’m currently looking at 2-family for sale and wondering what rough cost would be gut and convert it to a 3-family. Couple points – Zoning provides for 3 family (without changing structure of house, above ground basement conversion possible and FAR provides) – House is 1930 brick, bones look good but inside would have to…
I’m currently looking at 2-family for sale and wondering what rough cost would be gut and convert it to a 3-family.
Couple points
– Zoning provides for 3 family (without changing structure of house, above ground basement conversion possible and FAR provides)
– House is 1930 brick, bones look good but inside would have to be gutted. Would not look to change too much of structure only open up the floorplan a bit as existing structure provides.
– Dont expect will put very expensive finishes, but not builder grade either (something middle of the road)
I dont want to wind up overimproving for the neighborhood and wnat to leave enough room in my offer for contingencies.
Any sense on how i can get started to ballpark this? What should be on my checklist of big items to consider?
Thanks!
Air conditioning and ventilation costs for a 4 story townhouse gut reno can easily cost $100k not including heating. So I have a hard time believing $150-$200/sf is accurate when all the other factors are taken in to account.
Thanks all, feedback is incredibly helpful!
– This property is currently about 2k sqft on a 2500 sqft lot (bsmt is above ground due to grade) and FAR provides for 3k sqft
– Initial walkthrough was done with a cousin that is an architect, though not detailed. Initial aim was to only get a sense of feasability of conversion and overall ballpark cost (to understand where offer should be, as don’t want to overimprove)
– Building incorporates 2 car garage at the back of the house (on what is qualified as basement), but would want to move that to the back of lot where there exists a car port and reclaim internal space.
– Hoping for something short of full gut but realistic as property is old and anticipating having to redo plumbing & electric.
– Had anticipated something like 350k, but sounds like could be more given contingecies
On the second bullet (regarding conversion to 3 family), can someone reccomend some lighter reading that I can do (other than full building code) to further understand feasibility without having a full assessment. Have always been curious and the code is rather dense (though probably for a reason).
Thanks!
150-225 per sf with a reputable general contractor.
“$100k per floor construction cost”
“It can be anywhere between 100 and 200 per sf”
keep going…..don’t let anyone make you think you will do this in this range, the first number is at least ten years out of date. 200 – 300 psf is more like it, all in + carrying costs for the time spent with no use/ income.
$500K+
check out the article in the NYT real estate section 2 weeks ago.
I would only do it if for some reason three families are hard to find where you’re looking. Otherwise, I’d start by buying a three family. There are gazillions in Bushwick and Ridgewood.
Without knowing the square footage, a per floor figure is difficult, but I would ball park coming back as a two at 250K and the extra delays and expenses of additional mechanicals would add an additional 125K to the 250K.
big items are:
windows
heating/cooling
roof
facade
electrical
plumbing
and sprinklers if you need them… you might for 3-fam
of course in renos kitchens and bathrooms are what costs the big bucks
It can be anywhere between 100 and 200 per sf. I would suggest to make sure you can convert it to 3-family and it worth doing it. Whoever told you that the zoning allows 3-family, you need to make sure s/he conducted the full research and analysis. What is the total sf of building/lot? You may also want to figure out how much work you need to do to make it comply with code, such as if sprinkler system required? if 2nd means of egress required?…