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A triplex is a property possessing separate entrances for three households. It commonly takes the form of a small apartment building with three living units built as one structure, such as a three-story property with a different residence on each floor.
(That said, the term “triplex” can mean different things in different parts of the country. In New York City, it is typically used to refer to a single apartment with three floors.)
Borrowers sometimes seek commercial mortgages for the purpose of turning a single-family home into a duplex, triplex, or fourplex.