Topic: Ballpark cost to rehab older garden apts.?

Hey folks,

I know this is an incredibly general question ...but I'm going to ask anyway :)

Does anyone have any good guidance -- or recommend any particular artices, etc.-- on the ballpark cost to rehab older garden apartments? I know it depends on extent of rehab, the particular market etc. -- but I also recall seeing figures of $8-$12k/unit for reasonably significant interior rehab w/ some exterior improvements - ?

Any thoughts or guidance on this would be much appreciated.

Thanks,

Jeff Kole
apartmentsavannah.com

Jeff, as you have stated, there is a wide range or prices depending on your location and the extent of your rehab.

I have been doing rehabs for many years and the numbers you quoted can be exceeded fairly easily to as much as 15k per unit or possibly more if you are not aware of the costs of material and labor for your market. Example; I was quoted a price of $450 labor for laying tile in a kitchen and the countertop. The price we had estimated was $150 per unit. So you see it can vary widely.

If it is was built before 1978 you need an assesment for lead based paint which is a could push those prices up dramatically depending on the work and your residents.

Jeff,

Trying to Ballpark an apartment project rehab is like trying to ballpark a persons medical expenses over their life time without family history and knowing how they are going to take care of their body. There are to many moving targets to make the ballpark meaningful.

However, If you budgeted $5000.00 a unit you would cover most items except for major structural issues, big ticket design flaws, severe lack of typical maintenance & environmental issue like lead paint, asbestos & mold issues.

The only way to get a true working budget is to perform a due diligence and have a Phase One study completed.

I rehab thousands of units for Evans Withycombe prior to their sale to Equity Residential, in Phoenix, Tucson & Southern California.

I hope this is helpful to you.

Rick

If you will provide a quick overview of the work needed I'll be better able to assist.

In summary, your desired market position should tell you what to spend.

DVS

If you're doing an entire property, you can make significant interior improvements in your units for $5,000 a door, as that can usually include new cabinets and countertops, new faucets, new lighting fixtures, new flooring and painting (depends on materials selected). If you want to do it a unit at a time, it will cost more, as contractors work best on volume pricing models.

You can do it with residents in place, though you'll need to have them stay elsewhere for 4 nights, as this scope of work can be accomplished in 5 days. Having them out of the unit for the rehab time can be accomplished by giving them an allowance for the inconvenience...don't get involved in making hotel arrangements. The size of the crew will dictate how many units are completed each week, but it's pretty neat to see your property change in a short period of time@

Exterior renovations, including roofing, siding, windows, doors and painting can usually be accomplished in that same time period, though the scope of work and weather are other determining factors.

If you need more info, let me know, as my husband's company has rehabbed thousands of units in this manner.

Jeff,

You are on the right track. Many properties will spend 5K per unit and call it a full rehab, truth is that is not enough to make your property stand out among the crowd nor does it fix everything that needs to be done to a typical 25+ year old garden property. The problem with renovations is you continue to find more items to repair/replace, this is tough on budgeting.

Jerry Winograd
Judwin Realty Group, LLC

Does your husband do rehabs?

Yes, he has approximately 1200 units underway right now. Let me know if you need additional questions answered on rehab costs.

I need help doing some complete rehabs on the cheap.
Need appliances, carpet, painting, you name it.

I have scale.

I am looking to bring about 200-500 units that I own
back into circulation. Totally remodeled.

Now the rehab can be as low end as necessary. Inexpensive
but functional rework.

We need rehab assistance in Cincinnati, Atlanta, Tampa etc.

Any one able to help me do this? I need a phone number
to talk to someone.

Hello ma'am. I was researching rehabs and saw your helpful posts. I know its been 3 yrs since the post I read, however I hope you get this

980-254-1308
This email address is being protected from spambots. You need JavaScript enabled to view it.

Hello I was wondering if you would be interested in giving me your opinion. I am very new to selling and buying properties. I live in Ohio and I am interested in this property and I was wondering if you could tell me how much you think I would have to put into it. Here is the link...

www.houseincleveland.com/property/1170-e...partments-cleveland/

I am looking for a good investment. I appreciate any advice and professional opinion. Thank you