What Is a Triplex?

A triplex is a single building with three separate living units, each with its own kitchen, bathroom, and entrance. These units can be arranged side by side or stacked on top of each other, depending on the design.

Living in a triplex offers privacy and independence while still being part of a community. Each unit has its own space, but they may share one or two walls with neighboring units. This setup strikes a balance between personal space and community living, making it a unique option for those looking for versatile housing.

How Is a Triplex Configured and What Are the Typical Sizes?

A triplex is a building with three separate living units. These units can be arranged in different ways to make the most of the available space and provide privacy. Each unit has its own kitchen, bathroom, and entrance.

Here are some common configurations:

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Stacked. Each unit is on a different floor, which can offer unique living experiences like garden access or rooftop views.

Side-by-Side. Units are placed next to each other horizontally, giving flexibility in layout.

Back-to-Back. Two units face outward, and one unit faces inward, using the building’s depth efficiently.

What are the typical specifications of a stacked triplex?

What Are the Benefits of Owning a Triplex?

Owning a triplex offers several advantages, whether you’re living in it, renting it out, or both. This section explores how triplexes can provide rental income, affordability, privacy, efficient use of space, and flexibility. It also highlights how they can serve as a practical entry point into property management.

1. Rental Income Potential

With a triplex, you can live in one unit while renting out the other two. This setup not only provides you with a home but also generates rental income.

2. Affordable Housing

Renting a unit in a triplex is often more affordable than renting a single-family home or a large apartment, making it a budget-friendly option for tenants.

3. Privacy

Compared to larger apartment buildings, a triplex offers more privacy due to having fewer neighbors. This can lead to a quieter and more peaceful living environment.

4. Space Efficiency

Triplexes use space efficiently, allowing three households to live in a single building. This is especially useful in urban areas with limited land.

5. Flexibility

A triplex can accommodate various living arrangements, such as multi-generational families, roommates, or individuals looking to earn rental income.

Disadvantages of Investing in a Triplex as a Rental Property

Requires Big Capital

Buying a triplex usually costs more than a single-family home in the same area. This higher price might be beyond what you can afford if you don’t have enough savings.

Difficult to Sell

Triplexes can be harder to sell because they are pricier and involve managing multiple tenants. This complexity can be a turn-off for potential buyers, especially those new to investing.

Living Close to Tenants

If you choose to live in one of the units, you might find it uncomfortable to be so close to your tenants. Any disputes or issues with them could be harder to handle when you’re their neighbor.

Less Common than Duplexes

Finding a triplex can be challenging since they are less common compared to duplexes or fourplexes. This rarity might make it difficult to find one that meets your needs.