Owatonna is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Owatonna are considered greater risk due to market dynamics. Interest rates for multifamily loans in Owatonna are higher than the national average. Owatonna 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 Owatonna.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Owatonna 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 Owatonna.
The city of Owatonna in Steele County has a population of 25,704. The median rent in Steele County for a 2 bedroom is $810. The median Owatonna resident is 39 years old with a yearly income of $35,060. The average family has 3.04 members and a median household income of $62,642. Owatonna has a 29% higher education rate. The unemployment rate in Owatonna is 3.8%.
28.8% of Owatonna households are renters.
26.2% median household income spent on rent.
Bedrooms |
Steele County 1 |
Minnesota 2 |
National 2 |
|---|---|---|---|
| Studio | $534 | $607 | $737 |
| 1 bedroom | $620 | $694 | $813 |
| 2 bedroom | $810 | $881 | $1,015 |
| 3 bedroom | $1,159 | $1,200 | $1,325 |
| 4 bedroom | $1,402 | $1,366 | $1,521 |
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