Cave Spring is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Cave Spring are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Cave Spring are slightly higher than the national average. Cave Spring apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Cave Spring.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Cave Spring 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 | 5.53% - 5.77% |
| 7 Year Fixed | 5.27% - 5.51% |
| 10 Year Fixed | 5.13% - 5.37% |
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 | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Cave Spring.
The city of Cave Spring in Roanoke County has a population of 26,001. The median rent in Roanoke County for a 2 bedroom is $1,007. The median Cave Spring resident is 43 years old with a yearly income of $36,231. The average family has 2.87 members and a median household income of $64,793. Cave Spring has a 47% higher education rate. The unemployment rate in Cave Spring is 3.3%.
36.4% of Cave Spring households are renters.
24.1% median household income spent on rent.
Bedrooms |
Roanoke County 1 |
Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $686 | $833 | $737 |
| 1 bedroom | $795 | $897 | $813 |
| 2 bedroom | $1,007 | $1,072 | $1,015 |
| 3 bedroom | $1,357 | $1,423 | $1,325 |
| 4 bedroom | $1,485 | $1,680 | $1,521 |
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