Palo Alto is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Palo Alto are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Palo Alto are some of the lowest nationally. Palo Alto 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 Palo Alto.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Palo Alto are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.23% - 6.97% |
| 7 Year Fixed | 6.20% - 6.71% |
| 10 Year Fixed | 6.21% - 6.61% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 5.71% - 5.46% |
| 7 Year Fixed | 5.10% - 5.34% |
| 10 Year Fixed | 5.09% - 5.33% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.03% - 6.77% |
| 7 Year Fixed | 6.00% - 6.51% |
| 10 Year Fixed | 6.01% - 6.41% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.55% - 5.70% |
| 7 Year Fixed | 5.56% - 5.71% |
| 10 Year Fixed | 5.56% - 5.71% |
All major multifamily lender types are lending in Palo Alto.
The city of Palo Alto in Santa Clara County has a population of 65,364. The median rent in Santa Clara County for a 2 bedroom is $3,223. The median Palo Alto resident is 42 years old with a yearly income of $76,325. The average family has 3.06 members and a median household income of $158,271. Palo Alto has a 83% higher education rate. The unemployment rate in Palo Alto is 3.2%.
45.4% of Palo Alto households are renters.
27.2% median household income spent on rent.
Bedrooms |
Santa Clara County 1 |
California 2 |
National 2 |
|---|---|---|---|
| Studio | $2,354 | $1,137 | $737 |
| 1 bedroom | $2,702 | $1,291 | $813 |
| 2 bedroom | $3,223 | $1,635 | $1,015 |
| 3 bedroom | $4,209 | $2,254 | $1,325 |
| 4 bedroom | $4,852 | $2,613 | $1,521 |
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