Estimating Exercise 3: Apartment Complex Conceptual Estimate

In this video, we walk through Estimating Exercise 3, a schematic-level estimating exercise for an apartment complex using the R.S. Means parametric cost model (M.010 — Apartment, 1–3 Stories). The goal is not to “get the right number” — it’s to practice how professional estimators use parametric models, adjustment factors, and judgment to support early decisions when scope is still evolving. Before answering this exercise: 👉 Review the Week 3 Lecture (Part 4) slides first. This exercise builds directly on schematic estimating logic, parametric modeling, and communicating uncertainty. What this exercise covers: Schematic mindset: using structured models + assumptions (not takeoffs) Choosing the right RSMeans model inputs: building type, size column, structural system, and exterior wall system Base cost per SF from the parametric table (and what’s embedded in the model assumptions) Story height adjustment: why a 12’ story height changes cost vs. the model’s baseline Location adjustment (Detroit vs. Lansing): applying RSMeans commercial location factors for multi-family Communicating uncertainty professionally: building ±30% schematic-level cost bands (ranges, not single-point “answers”) Historical cost adjustment: converting 2025 costs to 2015 dollars using RSMeans indices to illustrate escalation impact Client-facing logic: how to explain assumptions, drivers, and why early estimates are decision-support tools—not bid numbers Students: Pause the video where instructed, work through each question independently, and be prepared to justify your logic—not just your numbers.