Norfolk is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Norfolk are considered greater risk due to market dynamics. Interest rates for multifamily loans in Norfolk are higher than the national average. Norfolk 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 Norfolk.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Norfolk 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 Norfolk.
The city of Norfolk in Madison County has a population of 24,449. The median rent in Madison County for a 2 bedroom is $793. The median Norfolk resident is 36 years old with a yearly income of $29,271. The average family has 2.97 members and a median household income of $49,372. Norfolk has a 25% higher education rate. The unemployment rate in Norfolk is 3.7%.
39.9% of Norfolk households are renters.
27.8% median household income spent on rent.
Bedrooms |
Madison County 1 |
Nebraska 2 |
National 2 |
|---|---|---|---|
| Studio | $523 | $526 | $737 |
| 1 bedroom | $602 | $616 | $813 |
| 2 bedroom | $793 | $786 | $1,015 |
| 3 bedroom | $1,071 | $1,024 | $1,325 |
| 4 bedroom | $1,075 | $1,140 | $1,521 |
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