New Smyrna Beach is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in New Smyrna Beach are considered moderate risk due to market dynamics. Interest rates for multifamily loans in New Smyrna Beach are slightly higher than the national average. New Smyrna Beach 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 New Smyrna Beach.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in New Smyrna Beach 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 New Smyrna Beach.
The city of New Smyrna Beach in Volusia County has a population of 27,843. The median rent in Volusia County for a 2 bedroom is $1,110. The median New Smyrna Beach resident is 59 years old with a yearly income of $31,253. The average family has 2.7 members and a median household income of $57,043. New Smyrna Beach has a 34% higher education rate. The unemployment rate in New Smyrna Beach is 2.2%.
24.5% of New Smyrna Beach households are renters.
34.8% median household income spent on rent.
Bedrooms |
Volusia County 1 |
Florida 2 |
National 2 |
|---|---|---|---|
| Studio | $732 | $822 | $737 |
| 1 bedroom | $905 | $891 | $813 |
| 2 bedroom | $1,110 | $1,089 | $1,015 |
| 3 bedroom | $1,486 | $1,448 | $1,325 |
| 4 bedroom | $1,624 | $1,716 | $1,521 |
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