How is a condominium typically classified in terms of property type?

A condominium is typically classified as a multi-family dwelling because it consists of individual units within a larger building or complex that may house several such units. Each unit is owned privately, while common areas such as hallways, pools, and recreational facilities are shared among all the unit owners. This structure allows for multiple households to reside in close proximity, which fits the definition of a multi-family dwelling.

The classification as a multi-family dwelling is significant in real estate as it emphasizes the nature of ownership and living arrangements associated with condominiums. While the individual units can be owned outright, they are part of a larger structure designed to accommodate more than one family, distinguishing them from single-family homes that stand alone.