Typically, real estate properties are categorized into four types: Residential, Commercial, Industrial, and Land.
Residential real estate is defined by the construction and sale of new homes and the resale of homes. This includes multiple categories of residential properties such as single-family homes, condominiums, co-ops, townhouses, duplexes, and vacation homes.
Commercial real estate is defined by the intention of the owner to produce income. Categories include shopping centers and strip malls, medical complexes, hotels, and offices. Note that, although apartment buildings are used for residences, they are considered commercial properties because their primary purpose is to lease out to generate rent.
Industrial real estate properties use this classification because of how the zoning, construction, and sales are handled. Manufacturing facilities, warehouses, and buildings that consist of functions like research, production, storage, or the distribution of goods are included in this designation.
Land is defined as vacant land, working farms, and ranches. Vacant land can be further defined to include underdeveloped, early development, or reuse, subdivision and site assembly.