CONVERSION REAL ESTATE TYPES
Road to Economic Opportunity
The key to entry-level homes has always been affordability. In recent years there has been a dramatic increase in demand for smaller, less expensive housing. The changing lifestyles and financial needs of renters, immigrants, and newly-formed households are driving this demand for more market affordable housing.
There are several types of small- to medium-sized multi-unit buildings — sometimes referred to as “middle housing” — that are candidates for condo conversion. Some of these include:
Duplex stacked — A small- to medium-sized structure that consists of two stacked dwelling units, one on top of the other, both of which face, and are entered from, the street.
Duplex side by side — A small- to medium-sized structure consisting of two dwelling units, one next to the other, both of which face, and are entered from, the street.
Triplex/Fourplex — A medium-sized structure that consists of three or four units, typically one or two on the ground floor and one or two on the second floor, with a shared entry.
Multiplex (small) — A medium-sized structure that consists of five to 10 side-by-side and/or stacked dwelling units, typically with one shared entry or individual entries along the front.
Carriage House —- An accessory structure typically located at the rear of a lot for service use. The unit could be above a garage or at ground level.
Townhouse — A small- to medium-sized structure, usually consisting of two to eight attached single-family homes placed side by side.
Live/Work — A small- to medium-sized attached or detached structure consisting of one dwelling unit above or behind a flexible ground floor space for residential, service, or retail uses. Both the primary ground-floor flex space and the second unit are owned by one entity.
Courtyard Apartments (low rise) — A medium- to large-sized structure consisting of multiple side-by-side and/or stacked dwelling units accessed from a courtyard or series of courtyards. Each unit may have its own individual entry, or up to three units may share a common entry.
Bungalow Court — A series of small, detached structures with multiple units arranged to define a shared court that is typically perpendicular to the street. The shared court takes the place of a private rear yard and is an important community-enhancing element.
Housing cooperative or "co-op" — is a legal entity, usually a cooperative, or a corporation which owns real estate. Co-ops are not considered real property but is entitled to exclusive use of a housing unit in the property as a shareholder in a corporation.
** Although, mid-rise, high-rise, and commercial buildings are not considered “middle housing,” they may be eligible for condo conversion if located in a jurisdiction that allows it.
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