I'm relatively new here so bare with me. I was on loopnet browsing through multifamily apartment deals and I came across something confusing.
I saw a couple of individual houses that had 2,3 and 4 BEDROOMS and the description on the property said that they contained 2,3, and 4 UNITS. Making them Duplexes, Triplexes and Quadplexes.
Have I miss understood what a duplex, triplex and quadplex is? I figured, for example, that a duplex would be two houses combined, both consisting of however many bedrooms (2,3 or more). Am I wrong? Or is a bedroom considered a unit?
No, you're right, Ryan. A unit has a front door, it's own number or letter.
In Chicagoland it's a flat like they're British or something .
Counting the number of complete kitchens isn't a bad way to go about it.
We could quibble about what exactly constitutes a 'complete' kitchen, or we can just go with "I know it when I see it."
Incidentally, with the exception of in-law units, kitchen-counting will get you a number that lines up with mortgage guidelines about 95% of the time assuming everything is permitted etc.