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Putting up 2 Bedroom flats on a 1/8 acre
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kenstat
#21 Posted : Monday, February 14, 2011 5:44:46 PM
Rank: New-farer


Joined: 12/31/2009
Posts: 43
Location: Tundra
If you finance the whole 18 Mill on loan, the monthly loan payment over 20years is about 224K a month. So there is barely any cashflow to you.


If you finance 15Mill, the monthly payment = 187K, so about 40K a month goes in your pocket. Maybe build in phases, with complete units helping finance the newer units? Unless my math off...

Pablo wrote:
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!!

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Pablo
#22 Posted : Monday, February 14, 2011 5:52:23 PM
Rank: Member


Joined: 3/17/2008
Posts: 567
Location: Nairobi
One thing about building in phases is that you need to have a big project. I.e youre building 2 or more blocks. Otherwise youll have those apts where you have people in ground floor and mjengo going on on 1st flr and kids of the guys in 1st floor playing in the mjengo sand.

Not a deal.
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christy
#23 Posted : Monday, February 14, 2011 8:41:07 PM
Rank: New-farer


Joined: 1/19/2011
Posts: 14
How lucky can I be! I wanted this info but apparently i don't know how to frame the question. Thanks all contributors - how lucky to have got wazua on an investment search. While at it i understand Pablo is an architect or a QS how much does it cost for all the preparatory work including clearance from lands, council, architect & QS fees?
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story teller
#24 Posted : Monday, February 14, 2011 8:58:17 PM
Rank: Member


Joined: 6/25/2010
Posts: 415
Pablo wrote:
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!!


@Ceinz, thanks. @Pablo very good stuff,i agree tumelalia maskio kweli including myself...smile smile
It's not hard to make decisions when you know what your values are.
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mjuaji wa stocks
#25 Posted : Tuesday, February 15, 2011 8:02:07 AM
Rank: Member


Joined: 1/16/2010
Posts: 672
Location: nairobi
Good Stuff guys ...... apart from fresher last year ...(fresher2010) ....smile smile

Keep them coming .... i might not be an expert in building and construction ...... but i know my fellow pablo et are good experts ......


Maybe fresher2010 and others of the same opinion do not know the value of wazua!!

@Wendz .... umeweka vizuri ... smile

@pablo ... construction guru...smile ile blue gum ulisha treat ikawa???....ama? ... tough economist you are ... thumbs up!

@all ..... thanks again ..

God gave me the power to make wealth ... Blessed the work of my hands & enabled be A SELF MADE BILLIONAIRE ...... TO GOD THE FATHER OF MY LORD JESUS CHRIST; BE THE GLORY NOW & FOREVER MORE!
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Pablo
#26 Posted : Tuesday, February 15, 2011 10:13:13 AM
Rank: Member


Joined: 3/17/2008
Posts: 567
Location: Nairobi
@Christy et al
Am not an Architect, QS or Lawyer.
Am just a guy who has been baptized with fire in the Mjengo industry. Am actually an accountant but recently went full time into software and construction
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christy
#27 Posted : Tuesday, February 22, 2011 12:32:43 AM
Rank: New-farer


Joined: 1/19/2011
Posts: 14
good for you Pablo, tried building using a contractor (a pastor) who did the foundation and half of 1 flat was supposed to be 3 because as brethren there was no need for a contract. Now i know better, thanks wazuans. let me get all those professionals as well as continue my website. good traffic but at the moment philanthropy to get stats for demos. Thanks
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Eddy
#28 Posted : Saturday, February 26, 2011 9:05:06 PM
Rank: Member


Joined: 7/20/2006
Posts: 277
Pablo wrote:
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!!

@Pablo your good work is appreciated. The other day i was reading the DN and this article had me thinking.. http://www.nation.co.ke/.../-/7nhx7jz/-/index.html
I later asked a few friends on their cost of contruction in sukari and it is evident that one could even go as low as 8k/m2! Consider a 4bdrm dream hse at 2m! as per the article.
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jaggernaut
#29 Posted : Friday, May 03, 2013 10:19:18 AM
Rank: Elder


Joined: 10/9/2008
Posts: 5,389
mjuaji wa stocks wrote:
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 smile smile smile

Your contributions are highly appreciated.

Thanks in advance.


Any updates? How did it go?
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Am
#30 Posted : Monday, May 06, 2013 10:41:15 AM
Rank: Veteran


Joined: 2/21/2012
Posts: 1,739
jaggernaut wrote:
mjuaji wa stocks wrote:
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 smile smile smile

Your contributions are highly appreciated.

Thanks in advance.


Any updates? How did it go?



@Mjuaji wa stocks.

How was your experience?
Do not be anxious about anything, but in everything, by prayer and petition, with thanksgiving, present your requests to God..
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oops
#31 Posted : Monday, January 25, 2016 3:14:35 PM
Rank: Member


Joined: 10/23/2008
Posts: 234
so how did it go?
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mchawi20
#32 Posted : Thursday, March 10, 2016 7:47:17 PM
Rank: Hello


Joined: 8/11/2015
Posts: 1
Am wrote:
jaggernaut wrote:
mjuaji wa stocks wrote:
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 smile smile smile

Your contributions are highly appreciated.

Thanks in advance.


Any updates? How did it go?



@Mjuaji wa stocks.

How was your experience?


I am also curious, how did it go? Did you manage to construct?
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brayosylvan
#33 Posted : Wednesday, March 30, 2016 4:44:23 AM
Rank: Hello


Joined: 7/31/2015
Posts: 7
Any updates on this
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Wamukiva
#34 Posted : Sunday, May 01, 2016 4:59:00 PM
Rank: Member


Joined: 1/19/2009
Posts: 9
Hi guys. I am in Nairobi and looking for a 50×100 plot suitable for apartments in a middle class area. My budget is approximately 1.5M and would prefer 10km radius within Nairobi CBD, near a tarmac road. I may buy to build later. Any leads will be highly appreciated. Thanks
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Wamukiva
#35 Posted : Sunday, May 01, 2016 10:00:25 PM
Rank: Member


Joined: 1/19/2009
Posts: 9
Please email me
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moneydust
#36 Posted : Monday, May 02, 2016 7:32:02 PM
Rank: Member


Joined: 1/31/2007
Posts: 303
Wamukiva wrote:
Hi guys. I am in Nairobi and looking for a 50×100 plot suitable for apartments in a middle class area. My budget is approximately 1.5M and would prefer 10km radius within Nairobi CBD, near a tarmac road. I may buy to build later. Any leads will be highly appreciated. Thanks


When you find one please share the good news..
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And1589
#37 Posted : Tuesday, May 03, 2016 1:25:54 AM
Rank: Member


Joined: 1/9/2009
Posts: 169
Location: Syokimau
moneydust wrote:
Wamukiva wrote:
Hi guys. I am in Nairobi and looking for a 50×100 plot suitable for apartments in a middle class area. My budget is approximately 1.5M and would prefer 10km radius within Nairobi CBD, near a tarmac road. I may buy to build later. Any leads will be highly appreciated. Thanks


When you find one please share the good news..


Same here..andyombongi@yahoo.com
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Sir invest
#38 Posted : Tuesday, May 03, 2016 10:41:17 AM
Rank: Member


Joined: 8/19/2015
Posts: 125
10Km???? for 1.5m maybe on top of a river. Consider 25 KM from nairobi CBD and you will get.
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MaichBlack
#39 Posted : Tuesday, May 03, 2016 1:10:06 PM
Rank: Elder


Joined: 7/22/2009
Posts: 7,455
And1589 wrote:
moneydust wrote:
Wamukiva wrote:
Hi guys. I am in Nairobi and looking for a 50×100 plot suitable for apartments in a middle class area. My budget is approximately 1.5M and would prefer 10km radius within Nairobi CBD, near a tarmac road. I may buy to build later. Any leads will be highly appreciated. Thanks


When you find one please share the good news..


Same here..andyombongi@yahoo.com

Hata mimi nataka hiyo pap!!!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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MaichBlack
#40 Posted : Tuesday, May 03, 2016 1:12:22 PM
Rank: Elder


Joined: 7/22/2009
Posts: 7,455
Sir invest wrote:
10Km???? for 1.5m maybe on top of a river. Consider 25 KM from nairobi CBD and you will get.

The going rates for plots on top of a river in that radius are going for 2.8m for an 1/8th. So bado itabidi aongeze. Next to the river 3.3m.
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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