Sarasota is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Sarasota are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Sarasota are slightly higher than the national average. Sarasota 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 Sarasota.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Sarasota 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 Sarasota.
The city of Sarasota in Sarasota County has a population of 58,285. The median rent in Sarasota County for a 2 bedroom is $1,383. The median Sarasota resident is 49 years old with a yearly income of $29,362. The average family has 3 members and a median household income of $53,669. Sarasota has a 37% higher education rate. The unemployment rate in Sarasota is 4.0%.
42.4% of Sarasota households are renters.
33.7% median household income spent on rent.
Bedrooms |
Sarasota County 1 |
Florida 2 |
National 2 |
|---|---|---|---|
| Studio | $912 | $822 | $737 |
| 1 bedroom | $1,076 | $891 | $813 |
| 2 bedroom | $1,383 | $1,089 | $1,015 |
| 3 bedroom | $1,829 | $1,448 | $1,325 |
| 4 bedroom | $2,202 | $1,716 | $1,521 |
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