Yes, they can! Condominiums fall under a multi-family category which also includes properties such as apartments, hotels and residential-type facilities that house people either temporarily or for an extended time up to and including life.
Many factors play in computing the depreciation on properties of this type including where they are located, how much land is included and what land improvements apply.
Condominiums can be located in suburban areas and they can be found just as often in metropolitan areas as high rise buildings. The difference in these two property scenarios should be obvious, the suburban location would include a significant number of land improvements and the high rise would only have a small portion of cost basis that could be allocated to land improvements.
Additional considerations in calculating a benefit for condominiums would be; how many units the property contains, what amenities are located on the property (e.g., swimming pools, tennis courts, clubhouses and or fitness centers).
If you own or know someone who owns a condominium property and would like to find out if they would benefit from a Cost Segregation Study, simply schedule a Discovery Call with a National Account Manager today.
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