In the last couple of blogs, we have touched quite a bit on the different classifications for some of the most common types of investment properties. Today is going to be the very last blog of the series, and we are going to be covering the different classifications of multi-family properties.
These buildings are some large properties, and here in Florida, they come in all different shapes and sizes. When you’re considering investing in a multi-family property, or you’re wanting to put your property on the market, it’s good to know the different classifications that your building fits into. Aside from the classifications that we’ll cover below, the amenities offered in the multi-family community are also items that will need to be taken into consideration.
Not every multi-family property is going to offer amenities, so if this is something that you’re interested in having in a property or it’s something that your property features, you want to make sure to note that. Below are a few of the most common amenities or the amenities that tenants hope to find when narrowing down their options for living quarters.
- Laundry Services
- Dog Park
- Swimming Pool
- Community Center
- Computer Room
- And more!
Now that we’ve talked briefly about the amenities that can be included with multi-family properties, it’s time to talk about the classifications. Given that there are so many factors that differentiate the multi-family properties, it’s crucial that we cover each of them so that you truly can understand the difference. Let’s get started.
Here in Florida, especially in the bigger cities, high-rise buildings are extremely common multi-family properties. The one factor that really helps categorize these properties is the fact that they have more than nine floors in the building as well as at least one elevator. While these aren’t necessarily the largest type of multi-family property, they do offer the most stories.
As you may have guessed, mid-rise properties are going to be set up similarly to high-rise properties but with fewer floors. These multi-family properties are often found in bigger cities and, while they don’t offer nine or more floors, they are still multi-level. An elevator is not a required factor of this classification, but it is still pretty common in this type of property.
The multi-family property right below the mid-rise sized properties are the walk-up properties. These buildings range from four to six floors, and they don’t have an elevator in them. Buildings can vary in design and in size, but the defining factor of these properties is the number of floors and the lack of an elevator.
A multi-family property relatively popular in Florida is the housing community. These properties are often manufactured by the owner and are leased out. Often times these are full-size houses without the full commitment of a mortgage. When you’re looking for the space that a full home offers but aren’t entirely able to afford a down payment, these are fantastic options to look into.
Another housing option that offers more space than the typical apartment while still offering the community feel is townhomes. Townhomes are often the size of a regular house, but they’re split in half. Each side provides the tenant with all of the features that the typical house would have, but is ideal for individuals that don’t need as much space. Whether you choose to invest in one individual townhome or you choose to invest in an entire community, these are an extremely popular option here in Florida.
Multi-Family Housing Property
One of the last property types that we are going to cover in today’s blog is the multi-family housing classification. These properties are often full-size homes that have been broken down into two or more living quarters. While they are incredibly similar to the layout of a townhouse, this housing classification is a little bit more fluid.
These types of properties can break the building down by rooms or by levels. Often times, the main level of the house is one living quarter while the basement or upper level is another. Each level has a private entrance so that each living quarters is entirely private. So, while it is a shared or multi-family property, there is still some individuality in regards to the living spaces.
Contact UNIQUE Florida Properties
Multi-family properties are far from small projects. Whether you’re placing your property on the market or you’re looking to invest, you need the help of a professional that has experience and knowledge to back them. The team at UNIQUE Florida Properties has been fortuante enough to help countless individuals with their properties right here in Florida.
If you’d like to learn more about the services that we offer or you’d like to talk to a member of our real estate brokerage team about your property, contact us today. We’ll make sure that you’re taken care of.