Sebastian is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Sebastian are considered greater risk due to market dynamics. Interest rates for multifamily loans in Sebastian are higher than the national average. Sebastian 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 Sebastian.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Sebastian 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 | 5.58% - 5.82% |
| 7 Year Fixed | 5.37% - 5.61% |
| 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 Sebastian.
The city of Sebastian in Indian River County has a population of 26,118. The median rent in Indian River County for a 2 bedroom is $1,117. The median Sebastian resident is 55 years old with a yearly income of $28,392. The average family has 3.09 members and a median household income of $53,707. Sebastian has a 25% higher education rate. The unemployment rate in Sebastian is 6.2%.
16.8% of Sebastian households are renters.
26.6% median household income spent on rent.
Bedrooms |
Indian River County 1 |
Florida 2 |
National 2 |
|---|---|---|---|
| Studio | $737 | $822 | $737 |
| 1 bedroom | $930 | $891 | $813 |
| 2 bedroom | $1,117 | $1,089 | $1,015 |
| 3 bedroom | $1,508 | $1,448 | $1,325 |
| 4 bedroom | $1,765 | $1,716 | $1,521 |
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