Tier I Properties
Multifamily
Structures containing five or more dwelling units with common
area facilities such as entrances, lobby, elevators, stairs,
mechanical space, walks or grounds. Units must be rented on a
non-transient basis such that tenants consider their unit their
permanent residence. Properties that offer weekly or monthly
housing would not be considered multifamily properties.
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Mixed-Use
Mixed-use properties must contain at least one commercial unit
(retail, office etc.) and at least one residential unit. Common
types of mixed-use properties include a ground floor retail or
office unit with apartment(s) above, all within the same
building. The primary use at the property must be for
residential purposes in order for it to be considered Tier I
mixed-use. The mixed-use property type can be classified in any
tier depending on the percentage of the multi-family component
and the type of commercial use.
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Tier II Properties
Automotive
Automotive is a somewhat broad category and encompass a variety
of uses that support the automotive segment. Included within
this category are auto repair shops, quick-lube
facilities, tire repair shops, etc. The type and size of
building will vary with the use. Many buildings are designed
specifically for the auto trade characterized by overhead doors,
car lifts and usually a small office area.
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Bed
& Breakfast
Bed and Breakfast inns are residential-type buildings designed
for transient boarding and are family style in character. B & B
inns are usually one structure but some may include an adjacent
guest cottage with similar quality amenities as the main unit.
Owner operators live on-site, usually within the main building.
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Light
Industrial
Light industrial is characterized by a small size facility where
no heavy manufacturing or specialized industrial process takes
place. Office space within light industrial ranges from 3% to
25% of the total area. Buildings must include sufficient
plumbing and lighting to accommodate personnel. Common uses
found in light industrial properties may include: cabinet
making, assembly processes, home service industries, etc. Absent
from these properties is any type of heavy machinery, welding
operations, cranes or hazardous materials.
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Mixed-Use
Mixed-use properties must contain at least one commercial unit
(retail, office etc.) and at least one residential unit. If the
primary use at the property is for commercial purposes, the
property will fall under our mixed-use Tier II guidelines. The
mixed-use property type can be classified in any tier depending
on the percentage of the multi-family component and the type of
commercial use.
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Mobile
Home Park
Mobile home parks are considered as long as not more than 25% of
the total spaces are used for RV. Mobile home parks vary in
quality and amenities and all will be considered unless the RV
component is too high.
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Office
Office buildings are buildings designed for general commercial
occupancy and are normally subdivided into smaller units. Office
use implies a general business use that does not include retail,
manufacturing or warehouse type operations.
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Retail
Retail buildings are designed for retail sales and display and
usually have display or decorative fronts. This retail
classification encompasses a wide variety of uses including, but
not limited to: markets, convenience stores, drugstores,
department stores, big box retailers, barber shops, laundromats,
etc.
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Self
Storage
Mini-warehouses are warehouses subdivided into a mixture of
cubicles of generally small size, designed primarily to be
rented for small self- storage or noncommercial storage and may
include some office-living space.
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Warehouse
Warehouse buildings are designed primarily for storage purposes.
An amount of office space included is usually commensurate with
the quality of the building but typically ranges from 3% to 12%
of the total area. Plumbing and lighting are usually limited due
to anticipated light personnel load. The design of the building
usually includes a light frame with large open interior areas.
Cold storage and transit warehouses (truck terminal) are
included in this category.
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