Key West is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Key West are considered greater risk due to market dynamics. Interest rates for multifamily loans in Key West are higher than the national average. Key West 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 Key West.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Key West 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 Key West.
The city of Key West in Monroe County has a population of 24,118. The median rent in Monroe County for a 2 bedroom is $1,932. The median Key West resident is 41 years old with a yearly income of $37,163. The average family has 2.81 members and a median household income of $69,630. Key West has a 36% higher education rate. The unemployment rate in Key West is 2.2%.
59.3% of Key West households are renters.
38.9% median household income spent on rent.
Bedrooms |
Monroe County 1 |
Florida 2 |
National 2 |
|---|---|---|---|
| Studio | $1,441 | $822 | $737 |
| 1 bedroom | $1,489 | $891 | $813 |
| 2 bedroom | $1,932 | $1,089 | $1,015 |
| 3 bedroom | $2,501 | $1,448 | $1,325 |
| 4 bedroom | $3,319 | $1,716 | $1,521 |
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