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What is "commercial space in a co-op or condo

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Manhattan value

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Mar 8, 2008
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Certified Residential Appraiser
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New York
Does FNMA consider a professional office (doctor, dentist, etc) in a residential condo or co-op building to be "commercial space."

Specifically regarding the question a a 1073 orr 2090 that asks about commercial space.

I always interpreted that to mean a retail store, public parking garage, or other retail type space. Or if the building had commercial office space.
 

Non Sequitur

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Louisiana
Does FNMA consider a professional office (doctor, dentist, etc) in a residential condo or co-op building to be "commercial space."
Yes.

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Paul Isolda

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May 20, 2004
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Connecticut
I've always considered anthing other than residential use to be a commercial use. So yes, a professional office would be a commercial use in a condo.
 

Ken B

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Feb 18, 2004
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Florida
Assuming that the space is "actual" commercial space and not a residential unit being used as a home office.

I know, that seems to be common sense, but sometimes people get confused.

Normally, the condo docs in a mixed-use building/project will identify which units are "residential units" and which units are "commercial units." The docs are your best source of information in this regard.
 

PropertyEconomics

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Jun 19, 2007
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Certified General Appraiser
State
New Mexico
Assuming that the space is "actual" commercial space and not a residential unit being used as a home office.

I know, that seems to be common sense, but sometimes people get confused.

Normally, the condo docs in a mixed-use building/project will identify which units are "residential units" and which units are "commercial units." The docs are your best source of information in this regard.


Very good advice Mr. Brown ... I have found the docs always spell out the project very well.
 
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