College Park is located in a strong market for 5+ unit multifamily loans. Multifamily loans in College Park are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in College Park are some of the lowest nationally. College Park 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 College Park.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in College Park 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 | 5.22% - 5.46% |
| 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 | 5.55% - 5.70% |
| 7 Year Fixed | 5.56% - 5.71% |
| 10 Year Fixed | 5.56% - 5.71% |
All major multifamily lender types are lending in College Park.
The city of College Park in Prince George's County has a population of 32,163. The median rent in Prince George's County for a 2 bedroom is $1,917. The median College Park resident is 22 years old with a yearly income of $11,431. The average family has 3.4 members and a median household income of $66,679. College Park has a 49% higher education rate. The unemployment rate in College Park is 4.2%.
57.2% of College Park households are renters.
43.1% median household income spent on rent.
Bedrooms |
Prince George's County 1 |
Maryland 2 |
National 2 |
|---|---|---|---|
| Studio | $1,643 | $1,013 | $737 |
| 1 bedroom | $1,682 | $1,126 | $813 |
| 2 bedroom | $1,917 | $1,365 | $1,015 |
| 3 bedroom | $2,457 | $1,803 | $1,325 |
| 4 bedroom | $2,978 | $2,127 | $1,521 |
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