Commercial property, also called commercial real estate, investment property or income property, is real estate (buildings or land) intended to generate a profit, either from capital gains or rental income. Commercial property includes office buildings, medical centers, hotels, malls, retail stores, multifamily housing buildings, farm land, warehouses, and garages. In many states, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes. Commercial buildings are buildings that are used for commercial purposes, and include office buildings, warehouses, and retail buildings (e.g. convenience stores, 'big box' stores, and shopping malls). In urban locations, a commercial building may combine functions, such as offices on levels 2–10, with retail on floor 1. When space allocated to multiple functions is significant, these buildings can be called multi-use. Local authorities commonly maintain strict regulations on commercial zoning, and have the authority to designate any zoned area as such; a business must be located in a commercial area or area zoned at least partially for commerce.
Land in real estate, a lot or plot is a tract or parcel of land owned or meant to be owned by some owner(s). A plot is essentially considered a parcel of real property in some countries or immovable property (meaning practically the same thing) in other countries. Possible owner(s) of a plot can be one or more person(s) or another legal entity, such as a company/corporation, organization, government, or trust. A common form of ownership of a plot is called fee simple in some countries. Land is a raw, natural area with no buildings, which may or may not have a driveway or any clearing. Typically in New Hampshire there are also trees/timber value.
Residential real estate may contain either a single family or multifamily structure that is available for occupation or for non-business purposes. Residences can be classified by and how they are connected to neighboring residences and land. Different types of housing tenure can be used for the same physical type. For example, connected residences might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns. According to the Congressional Research Service, in 2021, 65% of homes in the U.S. are owned by the occupier. multi-unit building. Multi-family house – often seen in multi-story detached buildings, where each floor is a separate apartment or unit. Terraced house (a.k.a. townhouse or rowhouse) – a number of single or multi-unit buildings in a continuous row with shared walls and no intervening space. Condominium (American English) – a building or complex, similar to apartments, owned by individuals. Common grounds and common areas within the complex are owned and shared jointly. In North America, there are townhouse or rowhouse style condominiums as well. Cooperative (a.k.a. co-op) – a type of multiple ownership in which the residents of a multi-unit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit. Mobile homes, tiny homes, or residential caravans – a full-time residence that can be (although might not in practice be) movable on wheels.
Rental property refers to homes or businesses that are purchased by an investor and inhabited by tenants on a lease or other type of rental agreement. Residential property is property zoned specifically for living or dwelling for individuals or households; it may include standalone single-family dwellings to large, multi-unit apartment buildings. Residential rental property may be contrasted with commercial rental property, which is instead leased out to businesses in properties zoned explicitly for profit generation.
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