Answering the Question: What is Multifamily Property?
As you may or may not know, the commercial real estate industry is very complex. There are tons of different property types, services and investment opportunities within the commercial real estate world. The multifamily sector is one of those types of commercial real estate property types. You may be asking yourself, what is multifamily? By definition, a multifamily property is a building and/or structure that has the ability to house multiple families in separate units. There are several different types of multifamily properties. Therefore, in this blog post, we will answer that “what is multifamily” question. Read on to learn more!
To begin, when asking the question what is multifamily, most people immediately think of apartment homes. Apartments are definitely one of the more well-known types of multifamily properties. They can vary in size, but are separate units within a building and do not have multiple levels within each unit. Like most multifamily properties, apartments are great for single person households or small families.
Furthermore, another type of multifamily property is the duplex. A duplex is usually one home divided into two units, each with their own entrances and addresses. Duplexes often share a wall, but are considered separate entities. Duplexes are a great choice for those tenants wanting a home-like feel without needing all the space of a regular, single family home.
Similar to duplexes, townhouses are multi-story units that are attached to one or more unit, usually with shared walls. They are usually multiple stories, tall and narrow. Unlike duplexes, each unit in a townhouse is on it’s own separate plot of the land. Townhouses are a great investment for the multifamily investor.
Now that you have the answer to the “what is multifamily” question, you may be interested in investing in this type of commercial real estate. Multifamily can be a great investment, especially if you go through an experienced commercial broker. Contact us today to get started on your multifamily investment!