Norfolk is located in a good market for 5+ unit multifamily loans. Multifamily loans in Norfolk are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Norfolk are competitive. Norfolk apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. 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 $7.5M |
|---|---|
| 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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.93% - 6.08% |
| 7 Year Fixed | 5.99% - 6.14% |
| 10 Year Fixed | 5.99% - 6.14% |
All major multifamily lender types are lending in Norfolk.
The city of Norfolk in Norfolk city has a population of 242,742. The median rent in Norfolk city for a 2 bedroom is $1,233. The median Norfolk resident is 31 years old with a yearly income of $26,694. The average family has 3.18 members and a median household income of $51,590. Norfolk has a 29% higher education rate. The unemployment rate in Norfolk is 7.6%.
56.6% of Norfolk households are renters.
34% median household income spent on rent.
Bedrooms |
Norfolk city 1 |
Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $1,032 | $833 | $737 |
| 1 bedroom | $1,045 | $897 | $813 |
| 2 bedroom | $1,233 | $1,072 | $1,015 |
| 3 bedroom | $1,740 | $1,423 | $1,325 |
| 4 bedroom | $2,135 | $1,680 | $1,521 |
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