Nogales is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Nogales are considered greater risk due to market dynamics. Interest rates for multifamily loans in Nogales are higher than the national average. Nogales 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 Nogales.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Nogales 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 | 5.63% - 5.87% |
| 7 Year Fixed | 5.24% - 5.48% |
| 10 Year Fixed | 5.28% - 5.52% |
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 Nogales.
The city of Nogales in Santa Cruz County has a population of 20,103. The median rent in Santa Cruz County for a 2 bedroom is $822. The median Nogales resident is 35 years old with a yearly income of $18,523. The average family has 3.6 members and a median household income of $29,339. Nogales has a 14% higher education rate. The unemployment rate in Nogales is 9.6%.
49% of Nogales households are renters.
36% median household income spent on rent.
Bedrooms |
Santa Cruz County 1 |
Arizona 2 |
National 2 |
|---|---|---|---|
| Studio | $581 | $747 | $737 |
| 1 bedroom | $624 | $822 | $813 |
| 2 bedroom | $822 | $1,038 | $1,015 |
| 3 bedroom | $1,111 | $1,433 | $1,325 |
| 4 bedroom | $1,115 | $1,597 | $1,521 |
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