A multi-family property is any property where units are separate, but contained in a single building or complex. There are several different types of multi-family properties. Because we specialize in real estate as well as property management, we have extensive knowledge of multi-family properties and can successfully handle the specific challenges inherent in each type of multi-family property.
Apartment Building or Community Brokerage
The most common example of a multi-family property is an apartment building or apartment community. While managing a single building can be a challenge, the real challenge is managing apartment communities, where a collection of buildings on adjoining lands are often owned and operated by a single entity. Most apartment communities share common areas, such as parking lots, amenities, leasing offices, and service buildings.
Some properties include different types of properties, such as residential units, offices, and commercial space. Some or all of the spaces in these multi-family properties can be used as residential units and management offices, with certain portions dedicated to commercial space. These types of properties give buyers and sellers substantial flexibility in securing tenants or selling portions of the building to prospective buyers.
Townhouses, duplexes, and condo buildings are examples of multi-family properties, where each unit has a different owner. Like mixed-use properties, these properties offer investors more opportunities to generate income from a property, even when not entirely inhabited. Management and maintenance costs are often lower in these types of multi-family properties as the properties are typically owned by the tenants.