Though not as common as duplexes or fourplexes, a triplex is an attractive real estate option for investors or those looking to live in a unit and rent the remaining two. Defined as a property with three separate living spaces adjoined by attached walls and a common roof, multi family triplexes can either be originally built or converted properties. When purchasing a converted triplex property there are some major considerations before submitting an offer.
Specifically built triplexes are mainly featured in apartment style buildings, whereas the units are on top of each other. There are a few instances where triplex homes are set out as side by side units. Most feature independent and separate entranceways; however, as stated before a converted property might be an exception.
Triplexes are found throughout the City of Chicago in popular neighborhoods such as Wicker Park, Uptown and Bucktown.
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Working with a broker who is well versed and experienced in multi family and triplex housing will be a vital asset to your team. We offer a customized approach to each multi family triplex unit we put on the market and with the knowledge and expertise gained over the year, you can be confident your sale is in the right hands!
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Whether you are new to buying multi family properties or have been in the business for a while, having a team that is constantly working towards connecting you with ideal properties is crucial in today’s market. Multi family homes are selling before they hit the market, so working with an experienced and well connected realtor will get you the best chance at some amazing opportunities.
Financing Options for Triplex Properties:
There are a number of ways to secure financing when purchasing a multi-family or triplex property.
Department of Veterans Affairs - Offers 100% financing options for retired or active military personnel.
Rehab Loans - Will provide financing to purchase and renovate properties.
Conventional Mortgage - Acquired through a mortgage broker or lender/bank.
Federal Housing Administration Loan - lower down payments and credit requirements for medium to low income families.
Whether Buying or Selling, let our experience work for you!