As an investor, it is a no-brainer to invest in an apartment building. Multiple tenants give an investor financial security and a steady stream of income. The benefits are enormous, and, with a property manager, you can enjoy a passive income. However, knowing the types of apartment buildings on the market is the first step to proceed.
Low-Rise Apartment Buildings
Low-rise apartment buildings include a variety of different types of housing. They generally have up to four stories and come as either one building or a set of connected units. Low-rise apartments include townhomes, duplexes, rowhouses, and garden-style complexes. These buildings have more room for parking, more accommodations for seniors and the disabled, and have more room for negotiating lease terms. They do not, however, have as many nearby amenities as mid-rise or high-rise apartment buildings do. While low-rise buildings are easier for investors to purchase, they do not bring in high returns either.
Mid-Rise Apartment Buildings
Mid-rise buildings have 5-9 floors, typically, and are around more amenities and entertainment centers. These include condos and apartments in suburban or urban settings, college dormitories, hotels, and subsidized housing complexes. These buildings have more perks such as shopping, restaurants, and entertainment centers nearby. More young people are interested in these compact spaces. They have a balance of a thriving community and the quietness of a suburban area. Mid-rise buildings are a middle-of-the-road choice for investors.
High-Rise Apartment Buildings
High-rise complexes, meanwhile, come with higher demands and higher returns. High-rise buildings, which have ten stories or more, need to withstand high winds, storms, earthquakes, and more while ensuring a viable escape plan for its inhabitants. They can come in the form of luxury apartments, urban college dormitories, hotels, and subsidized housing. In a densely-packed area, they require creative thinking to accommodate residents’ parking needs. Even so, with the high demands of high-rise buildings, high return rates are also a part of the deal.
Mixed-Use Apartment Buildings
Mixed-use buildings are also popular with investors. They make use of their spaces, as indicated by the name, in multiple ways. For example, shops may line the ground floor while residential apartments fill the upper floors. Office, educational, retail, and residential spaces can occupy a mixed-use apartment. Along with mid-rise apartments, this kind is also a lucrative type.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, and Pinterest.