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Infill and multifamily projects don’t leave much room for error. Land is scarce, construction costs keep climbing, and timelines move fast. In this episode, we talk about the decisions that actually shape long-term performance — the ones made before the first shovel hits the ground. It’s not just about rents or exit value. It’s about how the building runs once people move in and the expenses start rolling in.
I’m joined by Dan Illes, civil engineer, real estate investor, and founder of a water submetering company working with multifamily and commercial properties across North America. Dan breaks down why water is one of the most underestimated operating costs in infill and multifamily development, and how submetering changes tenant behavior, controls utility expenses, and protects NOI over time. From new construction to existing buildings, this conversation connects smart development planning with real-world operations and long-term asset value.
In this episode, we cover:
- Why water costs quietly erode cash flow in multifamily properties
- How submetering improves operating efficiency and fairness
- The role utilities play in NOI, asset value, and investor returns
- Planning smarter during design instead of fixing problems later
- What infill developers should think about before construction starts
If you’re developing, owning, or investing in multifamily real estate, this episode offers a practical way to think about utilities, expenses, and performance — especially the next time a water bill shows up
Follow Dan on Instagram: https://www.instagram.com/illes_invest/
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Disclaimer: The views and advice expressed on this podcast are those of the participants and do not necessarily reflect the opinions or beliefs of the podcast host or affiliated parties. The content is for entertainment purposes only and should not be considered as professional financial, legal, or investment advice. Listeners are encouraged to conduct their own research and consult with qualified professionals before making any financial decisions. The podcast host and producers are not responsible for any actions taken based on the information provided.
