Venice is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Venice are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Venice are slightly higher than the national average. Venice 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 Venice.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Venice 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 Venice.
The city of Venice in Sarasota County has a population of 23,985. The median rent in Sarasota County for a 2 bedroom is $1,383. The median Venice resident is 69 years old with a yearly income of $33,033. The average family has 2.38 members and a median household income of $60,086. Venice has a 41% higher education rate. The unemployment rate in Venice is 3.9%.
24.2% of Venice households are renters.
37.4% 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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