Chesapeake is located in a good market for 5+ unit multifamily loans. Multifamily loans in Chesapeake are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Chesapeake are competitive. Chesapeake apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Chesapeake.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Chesapeake 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 $7.5M |
|---|---|
| 5 Year Fixed | 5.44% - 5.68% |
| 7 Year Fixed | 5.28% - 5.52% |
| 10 Year Fixed | 5.19% - 5.43% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.60% - 5.75% |
| 7 Year Fixed | 5.61% - 5.76% |
| 10 Year Fixed | 5.61% - 5.76% |
All major multifamily lender types are lending in Chesapeake.
The city of Chesapeake in Chesapeake city has a population of 244,835. The median rent in Chesapeake city for a 2 bedroom is $1,233. The median Chesapeake resident is 37 years old with a yearly income of $37,511. The average family has 3.21 members and a median household income of $78,640. Chesapeake has a 33% higher education rate. The unemployment rate in Chesapeake is 4.7%.
28.6% of Chesapeake households are renters.
33.5% median household income spent on rent.
Bedrooms |
Chesapeake city 1 |
Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $1,032 | $833 | $737 |
| 1 bedroom | $1,045 | $897 | $813 |
| 2 bedroom | $1,233 | $1,072 | $1,015 |
| 3 bedroom | $1,740 | $1,423 | $1,325 |
| 4 bedroom | $2,135 | $1,680 | $1,521 |
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