Multiple site development

I want to develop multiple site at the same time on my dev. system. When I setup multi-site and add a new site, the site appear when I show “all sites” . However finding the files for that site is what seems to be difficult.

I can’t find site2 files as a separate directory like I would expect. I installed and updated the .htaccess and wpconfig.php files for multi-directory.

Is this a setup problem or is the second site some sort of permalink??

Can you help??

Steve