The cost to build a 3 flat in Chicago is almost 14% higher than the standard ones due to different expenses! However, a three-flat residential building in Chicago has 3 separate units stacked up on top of each other. They are made with brick or stone and have flat roofs, front porches, and rectangular layouts. So, living in Chicago, investing in 3 flats is a significant investment that depends on accurate budgeting. Moreover, its cost depends on various factors such as:
- Location
- Design complexity
- Materials
- Labor
If you want to construct 3 flats in Chicago but are scared of managing and allocating the budget to different tasks. You must rely on professional residential construction estimation and plan your projects with experts. They help to provide precise cost projections about labor, materials, and all other requirements of the project. But, before that, it is better to have a rough idea of how much it costs to build a 3-flat in Chicago. Let’s first discuss some features of a three-flat.
FILL YOURSELF WITH KNOWLEDGE ABOUT HOW IT COSTS TO BUILD A 3 FLAT IN CHICAGO BY CONSIDERING DIFFERENT FACTORS!
Features of Three-Flat In Chicago
A 3-flat is usually constructed for multifamily residential buildings that consist of 3 separate floors. Moreover, it gives the best value for the renting purpose in Chicago or for multi-generational living.
However, almost every floor has its separate kitchen, bathroom, living spaces, and bedrooms. Therefore, no issue of having privacy than the other units! But, what makes Three Flats unique in Chicago from the other investment? Let us show you:
- Brick or Stone Facade
- Flat Roof
- Raised First Floor with Front Stairs
- Bay Windows for Extra Light
- Long, Narrow Floor Plans
- Separate Entrances for Each Unit
- Basement Unit (Garden Apartment) Option
- Rear Wooden or Steel Porch with Stairs
- Located in Dense Urban Neighborhoods and more!
Factors Influencing Cost to Build a 3 flat in Chicago
Well, the average cost to build a 3 flat in Chicago for a common size of 1,600-square-foot starts from $233 per square foot, almost it would take more than $372,405. But, it relies on different factors such as:
1) Location
If you want to construct a three-flat building in a famous place like Lincoln Park they expect more budget than the other areas. Remember, high-end places always have higher labor and material rates that increase the overall budget.
2) Complex Buildings
Large and complex buildings always require more funds to finish the job. For example, from the cabinetry designs of the 3 flat kitchens to the construction finishes. All these countless things add up to the total expense! Moreover, when you plan to construct such buildings, you have to go through Chicago’s permitting process which is intricate and costly.
3) Detailed Breakdown of Costs
The initial cost is to acquire the land where the average price per acre in Chicago is almost $29,300. This figure can be different according to the location. After that, you have to take permits to start the construction process. Following are the fees according to the permits required to build a three-flat in Chicago:
- Building Permit: Approximately $3,550
- HVAC Permit: $250 to $400
- Plumbing Permit: $50 to $500
- Electrical Permit: $10 to $500
4) Physical Construction Costs
Physical construction cost is also known as hard costs, which include the expenses of the materials and labour. Your frames and foundation can cost you around $29-$45 per square foot depending on the complexity of the job. On the other hand, the roofing estimate is between $4 and $9 per square foot. Similarly, exterior, doors, windows, interior finishes, and more add up to the total costs!
5) Emergency funds
Never forget to include emergency funds in your estimates because other than construction expenses, there is another chunk of money required. It can be your architectural and engineering fees, design, project management, and other miscellaneous costs. If you are constructing a 3 flat residential building then its soft cost will range between $16.50 to $48 per square foot.
Contrary to this, in emergencies, you must have an extra 10% to 15% of the project budget to cover unexpected expenses. As an ordinary or freshie in this industry, never leave your budget on chances! Outsource construction cost estimating services to a well-known company!
Custom Build vs. Buying an Existing Three-Flat
Some investors are confused about whether to custom-build or buy an existing three-flat in Chicago. That is why we are going to discuss the pros and cons of each side.
Building a New Three-Flat
Pros
- Modern design and layout tailored to your preferences.
- Energy-efficient construction with new materials and technology.
- Potential for higher rental income due to new construction appeal.
Cons
- Higher upfront costs.
- Longer timeline to complete.
- Risk of cost overruns due to unforeseen expenses.
Buying an Existing Three-Flat
Pros
- Immediate availability for occupancy or rental income.
- Potentially lower overall cost compared to new construction.
- Avoids complications with zoning and permitting.
Cons
- May require significant renovations or repairs.
- Older buildings may have higher maintenance costs.
- Less flexibility in design and layout.
SEND US YOUR PLANS AND CONTACT OUR TEAM TO GET THE MOST AUTHENTIC AND ACCURATE COST ESTIMATES FOR ALL TYPES OF FLATS IN CHICAGO!
Final Thoughts!
To sum it up, now you will have a solid idea of how much it costs to build a 3 flat in Chicago! However, the exact cost estimates depend on the requirements of your project. It may range between $600,000 to $1.5 million which is directly related to your location and budget. Well, it is recommended to work with experts to make your investments worthable!