Feasibility
What does a feasibility study actually cost, and what do you get for it?
A feasibility study from a development advisory firm costs between $5,000 and $75,000 depending on depth. nSCALE offers three tiers — a $5,000–$15,000 Level 1 scoping study, a $15,000–$30,000 Level 2 preliminary underwriting, and a $40,000–$75,000 Level 3 full underwriting package — each with a decision point so the client can stop after any one.
Christopher Pettis is the Founder and Managing Principal of nSCALE Design & Development. He has 12+ years designing and managing large-scale architectural and commercial real estate projects, including work as Associate Principal at Kohn Pedersen Fox in New York. He is a licensed architect in Ohio, New York, and North Carolina.
Published September 10, 2026
Updated September 17, 2026
What are the three tiers of a feasibility study?
nSCALE structures feasibility in three levels, each with a clear deliverable. The client decides whether to continue after each one — no one should spend full-underwriting money to learn a site doesn't work.
| Tier | What it answers | Fee range | Timeline |
|---|---|---|---|
| Level 1 — Scope | What can you build here? | $5,000–$15,000 | 2–3 weeks |
| Level 2 — Preliminary Underwriting | Does it pencil? | $15,000–$30,000 | 4–6 weeks |
| Level 3 — Full Underwriting | Is it ready to fund? | $40,000–$75,000 | 8–12 weeks |
The ranges reflect site complexity, jurisdiction, and project type. A single-zone site in a city with an updated zoning code costs less than a multi-parcel site with overlay districts and entitlement risk — which is also why Level 1 itself is priced as a range rather than a flat fee: the scope of work varies by site.
What do you actually get at each level?
Level 1 — Scope ($5,000–$15,000) delivers a zoning analysis, a building code analysis, an entitlement roadmap, and a written summary of what's possible on the site. It's the cheapest way to find out if a site has potential before committing to design or pro forma work.
To put that in context: soft costs — design, engineering, legal, financing, and the studies that precede them — run roughly 30% of total development cost, and as much as 34% in some states, according to the GAO's analysis of Low-Income Housing Tax Credit projects (GAO-18-637, Figure 4, p. 14). A Level 2 study at $20,000 is a small fraction of that, and it tells you whether the rest is worth spending.
Level 2 — Preliminary Underwriting ($15,000–$30,000) adds a concept massing study, a preliminary construction cost estimate, a preliminary pro forma with revenue and operating costs, and a go/no-go recommendation.
Level 3 — Full Underwriting ($40,000–$75,000) is the document you take to funders: a developed concept design, third-party-verified cost estimates, a detailed pro forma with a capital stack, a program of requirements, and an entitlement strategy. This is designed to meet the submission requirements of state housing finance agencies. Ohio's 2024–2025 9% Housing Credit Qualified Allocation Plan, for example, requires preliminary architectural plans at Proposal Application, alongside third-party reports and development budget detail (OHFA, 2024–2025 9% LIHTC QAP, p. 7).
How do you decide which tier to start with?
Start with Level 1. Always. The most common mistake nSCALE sees is a client who wants to skip straight to a full study because they're excited about the project — and then spends $50,000 to learn the site can't support the program. Level 1 exists to answer the question "is this worth studying further?" for $5,000–$15,000 instead of $50,000.
When should you not pay for a feasibility study?
If you don't have a site yet, you don't need a feasibility study — you need a conversation. nSCALE screens projects at no cost in a 30-minute call before any study begins. If the project doesn't fit nSCALE's scope, or if the site is clearly not viable from public information, we say so and refer you to someone who can help.
The point of the three-tier structure is to give the client an off-ramp at every stage. Most firms sell one study — a big one — and the client pays for it whether the site works or not. nSCALE sells three, each with a decision point, because the client should decide whether to continue based on real information, not based on sunk cost.