High-rise luxury apartments are structures with three or more floors of multiple dwelling units, typically owner or time-share occupied. Each dwelling unit consists of its own separate living area and kitchen facility. Normally, structures over three stories have elevators, but this depends on the height of the building and the need for transportation to the upper levels. These structures have a lobby area, hall access to dwelling units and some type of stairway for fire exit. Although apartments built as co-ops, condominiums, or time-shares sometimes are required by building and zoning codes to have certain items not required for typical rental units, basically, "condominium" is a type of ownership and not a type of construction and the luxury apartment costs are valid.
The following are not included in the costs: Appliances, fireplaces, canopies, balconies, swimming pools, yard improvements and any developers' or soft costs related to a type of ownership such as condominium.
This occupancy includes both shell and tenant improvement costs. To price each separately (using two separate occupancies in two separate sections), use the following occupancies:
995 Interior Space, Luxury Apartment
The following are related occupancies:
352 Multiple Residence (Low Rise)
459 Multiple Residential Units Mixed with Retail
451 Multiple Residence, Senior Citizen (Low Rise), for independent living
589 Multiple Residence, Assisted Living (Low Rise), for assisted living
330 Home for the Elderly, for high-rise assisted living
710 Multiple Residence, Retirement Community Complex
Availability of Elevators by Area for this occupancy: Yes
Marshall Valuation Service sections: 11 and 41.
Occupancy Availability: Commercial Estimator only.
|
|
|
|
|
|
Class |
|
|
|
|
|
Quality |
A |
B |
C |
D |
H |
M |
P |
S |
W |
|
Low |
60 |
60 |
55 |
50 |
-- |
-- |
-- |
-- |
-- |
|
Average |
60 |
60 |
55 |
50 |
-- |
-- |
-- |
-- |
-- |
|
Good |
60 |
60 |
55 |
50 |
-- |
-- |
-- |
-- |
-- |
|
Excellent |
60 |
60 |
55 |
50 |
-- |
-- |
-- |
-- |
-- |
Class A (Fireproof Structural Steel Frame):
|
Quality |
Exterior Walls |
Interior Finish |
Mechanicals |
HVAC |
|
Average |
Good metal and solar glass, face brick, precast concrete panels, EIFS |
Good interior detail, carpet, ceramic tile, some vinyl and fine hardwood |
Master antennas, fine fixtures, one full bath per bedroom |
Hot and chilled water (zoned) |
|
Good |
Best metal or stone, brick or block backup, solar glass, best lobby |
Finest interior detail, hardwoods, ceramic, custom carpet, built-ins |
Master antennas, fine fixtures, more than one bath per bedroom |
Hot and chilled water (zoned) |
Class B (Reinforced Concrete Frame):
|
Quality |
Exterior Walls |
Interior Finish |
Mechanicals |
HVAC |
|
Average |
Good metal and solar glass, face brick, precast concrete panels, EIFS |
Good interior detail, carpet, ceramic tile, some vinyl and fine hardwood |
Master antennas, fine fixtures, one full bath per bedroom |
Hot and chilled water (zoned) |
|
Good |
Best metal or stone, brick or block backup, solar glass, best lobby |
Finest interior detail, hardwoods, ceramic, custom carpet, built-ins |
Master antennas, fine fixtures, more than one bath per bedroom |
Hot and chilled water (zoned) |
Class C (Masonry Bearing Walls):
|
Quality |
Exterior Walls |
Interior Finish |
Mechanicals |
HVAC |
|
Average |
Stone, brick, metal and glass, individual design, good lobby |
Good plaster, paneling/paper, vinyl, carpeting or hardwood, some extras |
Master antennas, fine fixtures, one full bath per bedroom |
Warm and cool air (zoned) |
|
Good |
Good masonry and glass, good ornamentation and lobby |
Good interior detail, sheet vinyl, ceramic tile/carpet, paneling, fine hardwood |
Master antennas, extra fixtures, one full bath per bedroom |
Warm and cool air (zoned) |
|
Excellent |
Best stones, metal, solar glass, highly ornamented lobby |
Best interior detail, hardwoods, ceramic, carpet, built-ins |
Master antennas, fine fixtures, more than one bath per bedroom |
Hot and chilled water (zoned) |
Class D (Wood or Steel Framed Exterior Walls):
|
Quality |
Exterior Walls |
Interior Finish |
Mechanicals |
HVAC |
|
Average |
Good stucco or siding, brick and stone trim, good lobby |
Good plaster, paneling/paper, vinyl, carpeting or hardwood, some extras |
TV and phone jacks, good fixtures, one bath per bedroom |
Warm and cool air (zoned) |
|
Good |
Good EIFS or sidings, good ornamentation and lobby |
Good interior detail, sheet vinyl, ceramic tile/carpet, paneling, fine hardwood |
Master antennas, extra fixtures, more than one bath per bedroom |
Warm and cool air (zoned) |
|
Excellent |
Best EIFS, stone trim, highly ornamental lobby |
Best interior detail, hardwoods, ceramic, carpet, built-ins |
Master antennas, fine fixtures, more than one bath per bedroom |
Hot and chilled water (zoned) |
|
Masonry Veneer |
|
|
|
|
|
Average |
Face brick or stone veneer, individual design, good lobby |
Good plaster, paneling/paper, vinyl, carpeting or hardwood, some extras |
TV and phone jacks, good fixtures, one bath per bedroom |
Warm and cool air (zoned) |
|
Good |
Good veneers and trim, good ornamentation and lobby |
Good interior detail, sheet vinyl, ceramic tile/carpet, paneling, fine hardwood |
Master antennas, extra fixtures, more than one bath per bedroom |
Warm and cool air (zoned) |
|
Excellent |
Best brick or stone veneer, highly ornamental lobby |
Best interior detail, hardwoods, ceramic, carpet, built-ins |
Master antennas, fine fixtures, more than one bath per bedroom |
Hot and chilled water (zoned) |