Charleston is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Charleston are considered greater risk due to market dynamics. Interest rates for multifamily loans in Charleston are higher than the national average. Charleston 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 Charleston.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Charleston 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 Charleston.
The city of Charleston in Coles County has a population of 20,117. The median rent in Coles County for a 2 bedroom is $803. The median Charleston resident is 27 years old with a yearly income of $17,886. The average family has 2.77 members and a median household income of $40,863. Charleston has a 35% higher education rate. The unemployment rate in Charleston is 5.5%.
51.7% of Charleston households are renters.
39.9% median household income spent on rent.
Bedrooms |
Coles County 1 |
Illinois 2 |
National 2 |
|---|---|---|---|
| Studio | $530 | $599 | $737 |
| 1 bedroom | $609 | $669 | $813 |
| 2 bedroom | $803 | $840 | $1,015 |
| 3 bedroom | $1,095 | $1,100 | $1,325 |
| 4 bedroom | $1,160 | $1,238 | $1,521 |
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