Minot is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Minot are considered greater risk due to market dynamics. Interest rates for multifamily loans in Minot are higher than the national average. Minot 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 Minot.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Minot 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 Minot.
The city of Minot in Ward County has a population of 47,382. The median rent in Ward County for a 2 bedroom is $1,022. The median Minot resident is 32 years old with a yearly income of $37,154. The average family has 2.99 members and a median household income of $66,194. Minot has a 31% higher education rate. The unemployment rate in Minot is 2.7%.
43.3% of Minot households are renters.
24.9% median household income spent on rent.
Bedrooms |
Ward County 1 |
North Dakota 2 |
National 2 |
|---|---|---|---|
| Studio | $674 | $625 | $737 |
| 1 bedroom | $793 | $642 | $813 |
| 2 bedroom | $1,022 | $806 | $1,015 |
| 3 bedroom | $1,463 | $1,109 | $1,325 |
| 4 bedroom | $1,769 | $1,252 | $1,521 |
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