Roanoke is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Roanoke are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Roanoke are slightly higher than the national average. Roanoke 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 Roanoke.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Roanoke 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 Roanoke.
The city of Roanoke in Roanoke County has a population of 99,143. The median rent in Roanoke County for a 2 bedroom is $1,007. The median Roanoke resident is 39 years old with a yearly income of $25,057. The average family has 3.11 members and a median household income of $44,230. Roanoke has a 23% higher education rate. The unemployment rate in Roanoke is 6.3%.
48.5% of Roanoke households are renters.
33% median household income spent on rent.
Bedrooms |
Roanoke County 1 |
Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $686 | $833 | $737 |
| 1 bedroom | $795 | $897 | $813 |
| 2 bedroom | $1,007 | $1,072 | $1,015 |
| 3 bedroom | $1,357 | $1,423 | $1,325 |
| 4 bedroom | $1,485 | $1,680 | $1,521 |
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