Cedar Rapids is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Cedar Rapids are considered greater risk due to market dynamics. Interest rates for multifamily loans in Cedar Rapids are higher than the national average. Cedar Rapids 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 Cedar Rapids.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Cedar Rapids 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 Cedar Rapids.
The city of Cedar Rapids in Linn County has a population of 133,562. The median rent in Linn County for a 2 bedroom is $839. The median Cedar Rapids resident is 36 years old with a yearly income of $32,284. The average family has 3.03 members and a median household income of $58,511. Cedar Rapids has a 32% higher education rate. The unemployment rate in Cedar Rapids is 4.0%.
30.7% of Cedar Rapids households are renters.
27.8% median household income spent on rent.
Bedrooms |
Linn County 1 |
Iowa 2 |
National 2 |
|---|---|---|---|
| Studio | $554 | $558 | $737 |
| 1 bedroom | $637 | $613 | $813 |
| 2 bedroom | $839 | $785 | $1,015 |
| 3 bedroom | $1,199 | $1,038 | $1,325 |
| 4 bedroom | $1,344 | $1,151 | $1,521 |
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