Total Development Cost Breakdown
...and the "final" development proforma
The total development cost for a typical storage condo development project is shown in the table below. Although this is specific to the StorageShopUSA project, the numbers should be representative of most projects.
The percentages shown should help keep you on track when doing a preliminary budget for a proposed design and location.
Use the numbers as a guide - count on the final cost estimates before you make a decision to go ahead with a project.
Scrutinize all the numbers. There may be additional costs and/or savings based on local and statewide economic conditions and varying government regulation. As they say in construction, "measure twice and cut once" - same thing here!
|
Development Cost
|
Cost
|
% of total project cost
|
|
|
|
|
LAND
|
$375,000
|
17.3%
|
|
|
|
|
ENGINEERING/SURVEYING
|
$34,300
|
1.7%
|
|
|
|
|
site survey
|
$5,000
|
|
|
site plan
|
$1,500
|
|
|
erosion control and grading
|
$6,500
|
|
|
stormwater control
|
$4,500
|
|
|
construction staking
|
$10,000
|
|
|
condo plat
|
$2,100
|
|
|
water/sewer design
|
$2,300
|
|
|
architect approved bldg plans
|
$2,500
|
|
|
|
|
|
|
SITE IMPROVEMENTS
|
$314,300
|
14.5%
|
|
|
|
|
stormwater controls
|
$25,000
|
|
|
erosion controls
|
$10,000
|
|
|
gas/electric service
|
$10,300
|
|
|
access roads
|
|
|
|
gravel and prep
|
$15,000
|
|
|
paving
|
$35,000
|
|
|
sewer and water extensions
|
$99,000
|
|
|
landscape
|
$27,000
|
|
|
sidewalks/dumpster pads
|
$8,000
|
|
|
earthwork/site grading
|
$85,000
|
|
|
misc sitework
|
|
|
|
rock excation
|
|
|
|
dewatering
|
|
|
|
poor subsurface soils
|
|
|
|
|
|
|
|
PROJECT MANAGEMENT
|
$150,000
|
6.9%
|
|
|
|
|
on-site construction sup
|
$60,000
|
|
|
developer fee
|
$60,000
|
|
|
project management
|
$30,000
|
|
|
|
|
|
BUILDINGS
|
$1,112,500
|
51.5%
|
|
|
|
|
building cost
|
$1,092,000
|
|
|
build-out for model
|
$15,000
|
|
|
mail boxes
|
$2,500
|
|
|
signage
|
$3,000
|
|
|
|
|
|
|
|
|
SOFT COSTS
|
$174,400
|
8.1%
|
|
|
|
|
permits and fees
|
|
|
|
zoning permits
|
$400
|
|
|
building permits
|
$28,000
|
|
|
water meter fees
|
$15,000
|
|
|
impact fee
|
|
|
|
land disturbance fee
|
$800
|
|
|
site plan review fees
|
$3,000
|
|
|
water/sewer extension fees
|
$2,200
|
|
|
real estate taxes
|
$10,000
|
|
|
utilities
|
$4,500
|
|
|
interest
|
$75,000
|
|
|
marketing/advertising
|
$5,000
|
|
|
LLC formulation
|
$1500
|
|
|
insurance
|
$8000
|
|
|
condo document preparation
|
$2000
|
|
|
closing costs
|
$19,000
|
|
|
realtor fees
|
|
|
|
|
|
|
TOTAL DEVELOPMENT COST
|
$2,160,600
|
100%
|
|
|
|
|
Total number of units
|
28
|
|
|
Price per unit
|
$95,900
|
|
|
TOTAL REVENUE FROM SALES
|
$2,685,200
|
|
|
|
|
|
TOTAL PROFIT
|
$524,600
|
|
|
|
|
Keep up to date with the toal development cost of various storage condo developments across the U.S. Get the "Storage Condo Insider"
back to home page from total development cost
Need a partner for a storage condo development? Let us know
|
