Marion is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Marion are considered greater risk due to market dynamics. Interest rates for multifamily loans in Marion are higher than the national average. Marion 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 Marion.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Marion 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 | 5.68% - 5.92% |
| 7 Year Fixed | 5.39% - 5.63% |
| 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 Marion.
The city of Marion in Linn County has a population of 40,359. The median rent in Linn County for a 2 bedroom is $839. The median Marion resident is 39 years old with a yearly income of $37,818. The average family has 3.02 members and a median household income of $72,150. Marion has a 37% higher education rate. The unemployment rate in Marion is 3.6%.
22.2% of Marion households are renters.
25.9% median household income spent on rent.
Bedrooms |
Linn County 1 |
Iowa 2 |
National 2 |
|---|---|---|---|
| Studio | $554 | $558 | $737 |
| 1 bedroom | $637 | $613 | $813 |
| 2 bedroom | $839 | $785 | $1,015 |
| 3 bedroom | $1,199 | $1,038 | $1,325 |
| 4 bedroom | $1,344 | $1,151 | $1,521 |
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