A triplex is a type of residential building that consists of three separate living units. Each unit typically has its own entrance, kitchen, bathroom, and living space, allowing for independent living. Triplexes can be owned by a single owner who rents out the other units or can be owned by multiple parties. These buildings are often found in urban areas where space is limited, making them a popular choice for both investors and homeowners. Triplexes provide an opportunity for rental income while also offering the benefits of living in a multi-family setting, similar to duplexes and fourplexes.