2 BEDROOM FLATS ON A 1/8 ACRE

HI wazuans;

I managed to get 1/8 of an acre and planning to put up flats. The plan is as follows;

1. 2 bedroom apartments self-contained; master bedroom ensuite

2. 4 Floors.

QUESTIONS.

1. How many of the above 2 bedroom apartments can fit into 1 floor??

2. What is the floor area for such a 2 bedroom apartment??

3. How much will be the approximate cost of construction??

4. Am thinking of financing the building myself though sina pesa mob saaana ..... what options of financing do i have???

NB: Am to rent out the houses na mimi pia nikue land lord

Your contributions are highly appreciated.

Thanks in advance.

Thanks alot Cienz.

Now how much does construction per unit cost???

Sample these;

25000 (Per square ft) * 900 sq ft = 22.5M

Is that right 22.5m per house ama kwani nafanya maths wrongly???

Tht cost seems unrealistic!!!

i pray give me a breakdown;

Wapi pablo; A4architect and other construction gurus

@ Mjuaji, u are wrong. The cost should be about Kshs. 1800 Psf but can go higher depending on ur finishes.

@ Maich, u r right. Mjuaji can do more on that land, but look at what he wants: 2 bedrooms master ensuite. Def a good architect can try and come up with 5 or 6 units but at the cost of planning and size of the units.

If u want to provide parking you will have to sacrifice some units on the ground floor. On the cost aspect the answer is in my previous post.

Eddy has put it right. My experience of 14k per sq meter is accurate, could be less for multiple units such as apts.

Construction
On one eighth using 75% utilization on the plot you have 3500 sq ft or 325SqM. A good 2 br apt is about 100 - 125 sqm so you can fit 3 per floor for 5 floors (ground - 4th Flr) that's 15 flats or a built up area of 15 * 100 = 1500SqM.

Financials
Approx Cost = 1500 x 14,000/- = 21M (Excl. infrastructural costs). To have sufficient parking you may have 12 rather than 15 units.


Depending on where this is built 2br apts would yeild about 15k rent. So total rent expected could be upto 225k p.m. At current interest rates of approx 14%, 225k can support a 18M loan meaning if you have 3M and a 1/8th plot, you ar just sitting on you A** rather than getting paid!!