10 Unit Apartment Building Costing
The apartment I currently live in is a 3 story, 10 unit apartment building. I was doing some research and found a similar apartment on West 12th.
It has a full PDF of rent and expenses, showing that the total annual expenses, including property taxes, is $41K. So, $3417 per month, or $342 / unit / month.
From the 2019 assessment, the building is worth $5.8M, of which ~$2.8M is land, and ~$3M is the building. For simple math, this means that if the land were placed in a CLT, each unit could sell for $300K, with a ~$400 / month strata fee.
There are other calculations here, like having some capital on hand, choosing some of the units as rentals, and so on, but at first glance, these numbers seem very doable to make for affordable housing, whether you consider rental or purchase.