Looking at a new town, found a half acre city lot for cheap
Any idea if I could build a free standing 3000 foot building for around 350k?
I would think you could do it for around 100 bucks a square foot for a rectangular formula style shell like a KFC
In my city you would be lucky just to get the lot for $350k and the building would come to around $200 per sqft.
Joker, keep us posted about this as I’m interested in what it can be built for. When I purchased my building, a second lot of .34 acres was included on the other side of the parking lot. I’m not sure if this is large enough to build a 2500 foot building or what the cost would be. It would be ideal for me as I have gotten a few unsolicited inquiries regarding buying my building.
I’ll let you know what I find out Paul
I think I can get the lot for round 50k
I can’t imagine spending more then 300k on a shell with a kitchen. But who knows
Keep in mind, I would general contract it myself
It will cost you around $175 on average to build a building. That will include everything except the equipment. It will get you lights, flooring, bathrooms, paint, ect… It will not include refrigeration, tables, chairs, ovens, hoods, ansul system, ect… you may be able to get it done for a little less but that all depends on what type products you are using such as for your roof.
We are taking a dive into building a central commissary for our locations. Just to do the tenant improvements on a 2000 square foot space is putting us out almost $150 a square foot. My contractor always says " It’s the things you can’t see that cost you the money"
Ventilation, Plumbing and roof support is $100 square foot alone.
Dummy me leased a building with a roof that isn’t strong enough to support a hood or a drop ceiling. The extra roof support is 40K that I didn’t budget.
Jokergerm. You should be able to get PSF ballpark prices over coffee (or a pizza) from contractors in your area (for heated shell only). If they can’t throw a dart within $10-$20 PSF then you’re talking to the wrong contractor. I design homes and all of my builders will quote a price on a napkin at the diner…They won’t quote you a contract price but if they don’t know ballpark prices off the top of their head…
Anyways, if you’re planning on a simple frame, no basement on a slab etc. even if you’re in an expensive area as I am (Cape Cod, MA) it shouldn’t be over $100-$125 PSF. Of course that doesn’t include fixtures or kitchen.
As pizzapirates mentioned if you do go the route of building your own you really do want a kitchen plan before you finalize the roof truss design. Also if you have a basement you want the floor system designed after your kitchen plan as well so they can account for the concentrated loads. Retrofitting to compensate for inadequate loading is expensive and should be completely unnecessary for new construction.
Its really tough when you buold commercial to come in at that rate. My friend is a builder he can build a house himself for $75 a square foot plus land. But that doesnt include paying himself. These guyse dont work for free. He told me his costs for commerical is 140 to 180 a square foot. Typical mark up is 15% 10 if your getting the friends and family deal based on that your looking at 161 to 207 a square foot.
I just finished a 1m renovation/addition w/ purchase of property. Property was $490k and a remodel was $550. Building was 3,000 sq feet. I gutted it - all new electrical, mechanical, plumbing, etc… - and added on an additional 900 sq ft for my kitchen.
I think the previous estimate of $150/sq ft remodel is a good ballpark estimator.
JG I like the way you are thinking. We are all in the real estate business whether we like it or not. I also am looking to move into development if and when our business permits. Wise decisions will have long term ramifications. In every business there should exist Rent, Wages and Profit. If you own your own building don’t confuse the Rent with the Profit.