Elk River is located in a good market for 5+ unit multifamily loans. Multifamily loans in Elk River are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Elk River are competitive. Elk River 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 Elk River.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Elk River 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 | 5.49% - 5.73% |
| 7 Year Fixed | 5.25% - 5.49% |
| 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 Elk River.
The city of Elk River in Sherburne County has a population of 25,213. The median rent in Sherburne County for a 2 bedroom is $1,410. The median Elk River resident is 36 years old with a yearly income of $40,575. The average family has 3.2 members and a median household income of $89,596. Elk River has a 28% higher education rate. The unemployment rate in Elk River is 4.5%.
21.4% of Elk River households are renters.
29.8% median household income spent on rent.
Bedrooms |
Sherburne County 1 |
Minnesota 2 |
National 2 |
|---|---|---|---|
| Studio | $968 | $607 | $737 |
| 1 bedroom | $1,136 | $694 | $813 |
| 2 bedroom | $1,410 | $881 | $1,015 |
| 3 bedroom | $1,982 | $1,200 | $1,325 |
| 4 bedroom | $2,324 | $1,366 | $1,521 |
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