Charlottesville is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Charlottesville are considered greater risk due to market dynamics. Interest rates for multifamily loans in Charlottesville are higher than the national average. Charlottesville 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 Charlottesville.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Charlottesville 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 | 5.58% - 5.82% |
| 7 Year Fixed | 5.37% - 5.61% |
| 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 Charlottesville.
The city of Charlottesville in Charlottesville city has a population of 47,266. The median rent in Charlottesville city for a 2 bedroom is $1,377. The median Charlottesville resident is 32 years old with a yearly income of $31,307. The average family has 3 members and a median household income of $59,471. Charlottesville has a 55% higher education rate. The unemployment rate in Charlottesville is 4.2%.
57.2% of Charlottesville households are renters.
34.7% median household income spent on rent.
Bedrooms |
Charlottesville city 1 |
Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $1,033 | $833 | $737 |
| 1 bedroom | $1,171 | $897 | $813 |
| 2 bedroom | $1,377 | $1,072 | $1,015 |
| 3 bedroom | $1,713 | $1,423 | $1,325 |
| 4 bedroom | $2,138 | $1,680 | $1,521 |
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