Are Apartment Buildings Commercial Real Estate?
When it comes to taxation, apartment buildings fall under the category of residential real estate. This is because they are owned by a person or business who rents the units to others. However, owners may also sell their apartments. The answer to this question will depend on whether you intend to use your apartment for commercial purposes or just rent them out as a residence. In most cases, you can consider both categories. This article will look at the differences between the two types of property.
An apartment building is typically small in size. This means it does not have to be a large complex to qualify as commercial property. The planning department will determine whether the space is for rental business. However, a large complex will usually fall under the commercial category. Apartment buildings are also referred to as multifamily properties, which can include high-rise residential buildings. This makes it difficult to compare the different types of apartment buildings, especially the smaller ones, to determine which one is the best choice.
Multifamily properties are categorized into three types. High-rise apartments are typically multi-hundred-unit properties. Some multifamily properties are primary residences and others are investment properties. Duplexes are two-unit properties, triplexes are three or four-unit buildings, and quadruplexes are four-unit buildings. There are also properties with “plex” suffixes that are categorized as “duplexes” and are great for beginners.
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