Caledonia is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Caledonia are considered greater risk due to market dynamics. Interest rates for multifamily loans in Caledonia are higher than the national average. Caledonia apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Caledonia.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Caledonia are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.68% - 5.92% |
| 7 Year Fixed | 5.39% - 5.63% |
| 10 Year Fixed | 5.23% - 5.47% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.70% - 5.85% |
| 7 Year Fixed | 5.71% - 5.86% |
| 10 Year Fixed | 5.71% - 5.86% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Caledonia.
The city of Caledonia in Racine County has a population of 25,277. The median rent in Racine County for a 2 bedroom is $967. The median Caledonia resident is 46 years old with a yearly income of $38,058. The average family has 2.96 members and a median household income of $80,659. Caledonia has a 31% higher education rate. The unemployment rate in Caledonia is 3.8%.
19.5% of Caledonia households are renters.
31% median household income spent on rent.
Bedrooms |
Racine County 1 |
Wisconsin 2 |
National 2 |
|---|---|---|---|
| Studio | $638 | $595 | $737 |
| 1 bedroom | $734 | $668 | $813 |
| 2 bedroom | $967 | $856 | $1,015 |
| 3 bedroom | $1,274 | $1,127 | $1,325 |
| 4 bedroom | $1,392 | $1,256 | $1,521 |
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