North Augusta is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in North Augusta are considered moderate risk due to market dynamics. Interest rates for multifamily loans in North Augusta are slightly higher than the national average. North Augusta 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 North Augusta.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in North Augusta 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 | 5.53% - 5.77% |
| 7 Year Fixed | 5.27% - 5.51% |
| 10 Year Fixed | 5.13% - 5.37% |
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 | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in North Augusta.
The city of North Augusta in Aiken County has a population of 23,845. The median rent in Aiken County for a 2 bedroom is $883. The median North Augusta resident is 41 years old with a yearly income of $33,975. The average family has 2.83 members and a median household income of $59,931. North Augusta has a 37% higher education rate. The unemployment rate in North Augusta is 6.0%.
33.9% of North Augusta households are renters.
29.8% median household income spent on rent.
Bedrooms |
Aiken County 1 |
South Carolina 2 |
National 2 |
|---|---|---|---|
| Studio | $689 | $697 | $737 |
| 1 bedroom | $767 | $732 | $813 |
| 2 bedroom | $883 | $879 | $1,015 |
| 3 bedroom | $1,200 | $1,158 | $1,325 |
| 4 bedroom | $1,529 | $1,369 | $1,521 |
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