Thats about what I had to pay to get my multi at my flight school. It use to be cheaper at my fbo but then they decided to buy a band new seminole from piper with the avidyne glass cockpit. That sucked because the price went way up per hour and on top of that they added a fuel surcharge.
Might want to look for a part 61 instructor that teaches out of his hanger to get the multi.
Might also look into getting your mei when you get the multi and try to save some money.