Mesa, AZ Triplex Homes for Sale

Gearing up to buy or sell a triplex home soon in Mesa? Call Us at (602) 842-5050. Your Mesa realty team is here to help navigate the Mesa real estate market.

What is a Triplex?

A triplex is a style of multi-family home that encompasses three different units in one property. Triplexes are becoming increasingly popular for those who are looking for a property bigger than a duplex but don’t need the four units that a fourplex offers. 

Mesa’s Triplex Real Estate Market

Mesa is home to a healthy real estate market, including multi-family properties. As the city continues to flourish, triplexes are becoming more popular as people search for more affordable housing or investment properties. Interested buyers can find triplexes in Mesa for anywhere between $350,000 and $2 million. There are options for people with a variety of budgets and across several neighborhoods. 

Triplexes Throughout Mesa, Arizona

Triplexes are not the most popular style of multi-family homes in Mesa, but there are still plenty of options for interested buyers. Some of the most popular communities for triplexes include Village Park Four, Nuestro, and Apache Wells. Apache Wells is considered one of the best communities in the entire city. 

Why Buy a Triplex?

Buying a triplex in the Mesa area is an excellent decision for those looking for affordable housing or investment property opportunities. For those who have large extended families, a multi-family home is an excellent option. As the owner, living in one of the properties and renting out the other two to family members or other tenants to generate rental income to offset the higher costs. Choosing to purchase a triplex is a great way to build equity, possibly generate some extra income, and add a great property to your portfolio. Often, owners of multi-family properties end up living rent-free through the extra income. Depending on your situation, purchasing a triplex could be the best solution for you and your loved ones. If you’re solely looking for an investment property, a triplex is a great option to generate an excellent income flow. 

Financing a Triplex

When it comes to purchasing your triplex, part of the process is financing. Since purchasing a multi-family home is a bit different than purchasing a single-family home, condo, or apartment, it’s good to do some research beforehand. Finding out what you qualify for in terms of financing is essential, as you don’t want to get locked into a traditional mortgage when you can apply for something better. If you plan on living in one of the three units, you may qualify for a different mortgage with less strict qualifications, so it’s beneficial to know what is available to you. Depending on your property’s size, it’s likely going to be considered a residential property, but it might be considered commercial. It’s essential to work with a team of professionals that have experience in multi-family properties. There are three different options for multi-family properties based on your situation when it comes to your mortgage. 

For those serving in the U.S. Military or those who have previously served, the VA, or Veterans Affairs loan is an excellent option tailored for those who have dedicated their lives to the military. As long as you plan to live in one of the three units while renting out the others, you will have fewer requirements for the loan. There is no down payment required, and there is no private mortgage insurance required. 

Another option is the FHA, or Federal Housing Administration loan. If you plan on residing in one of the properties and renting out the others, this loan is ideal for you. Compared to a traditional mortgage, there are lower requirements, a lower down payment threshold, and lower interest rates. 

The last option is a conventional mortgage through your bank or financial institution. For those looking to purchase an investment property solely to rent out, a traditional mortgage is the only option for this situation. While the requirements are much more strict as there is a much higher risk associated with these properties, the rental income can be used towards getting the loan. Applicants must have a proper down payment, excellent credit score, and other requirements based on the lender. 

Choosing a lender that has plenty of experience dealing with multi-family properties is key to a seamless process. Working with a realtor with ample experience and a keen eye for a great property is the type of person you want on your team. 

Interested in the ultimate guide on buying a fourplex? Check out our post here.

Why Buy & Sell Triplexes With getMULTIfamily.com 

GetMultiFamily.com specializes in the sale or purchase of duplexes, triplexes, fourplexes, and other multi-family properties. The team at GetMultiFamily.com is a group of dedicated experts who want to make the buying and selling process of your home as seamless and stress-free as possible. The long list of happy clients that we have can attest to how outstanding our services are. As we are dedicated to helping our clients the best that we can, we always recommend The Cap Core Real Estate Group. For those who are considering the next sale of their property or if you’re in the market for a new home, this team is the best in the business. Patrick O’Sullivan is the fearless leader of this impressive team. As the former real estate advisor for U-Haul, he has an incredible career and many awards, like gent of the year and the CCMI (Certified Commercial Investment Member) designation. You’re in the best hands with this team of professionals.

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