Merritt Island is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Merritt Island are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Merritt Island are slightly higher than the national average. Merritt Island 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 Merritt Island.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Merritt Island 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 | 5.53% - 5.77% |
| 7 Year Fixed | 5.27% - 5.51% |
| 10 Year Fixed | 5.13% - 5.37% |
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 | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Merritt Island.
The city of Merritt Island in Brevard County has a population of 36,532. The median rent in Brevard County for a 2 bedroom is $1,201. The median Merritt Island resident is 49 years old with a yearly income of $31,806. The average family has 3.11 members and a median household income of $64,865. Merritt Island has a 36% higher education rate. The unemployment rate in Merritt Island is 4.4%.
22.9% of Merritt Island households are renters.
31% 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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