Melbourne is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Melbourne are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Melbourne are slightly higher than the national average. Melbourne apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Melbourne.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Melbourne 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 | 5.91% - 6.92% |
| 7 Year Fixed | 5.82% - 7.04% |
| 10 Year Fixed | 5.84% - 7.08% |
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 | 5.98% - 6.13% |
| 7 Year Fixed | 6.04% - 6.19% |
| 10 Year Fixed | 6.04% - 6.19% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Melbourne.
The city of Melbourne in Brevard County has a population of 83,029. The median rent in Brevard County for a 2 bedroom is $1,201. The median Melbourne resident is 43 years old with a yearly income of $26,418. The average family has 3.19 members and a median household income of $48,673. Melbourne has a 29% higher education rate. The unemployment rate in Melbourne is 4.3%.
41.9% of Melbourne households are renters.
35.6% median household income spent on rent.
Bedrooms |
Brevard County 1 |
Florida 2 |
National 2 |
|---|---|---|---|
| Studio | $804 | $822 | $737 |
| 1 bedroom | $976 | $891 | $813 |
| 2 bedroom | $1,201 | $1,089 | $1,015 |
| 3 bedroom | $1,615 | $1,448 | $1,325 |
| 4 bedroom | $1,934 | $1,716 | $1,521 |
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