West Melbourne is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in West Melbourne are considered moderate risk due to market dynamics. Interest rates for multifamily loans in West Melbourne are slightly higher than the national average. West Melbourne 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 West Melbourne.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in West Melbourne 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 West Melbourne.
The city of West Melbourne in Brevard County has a population of 24,259. The median rent in Brevard County for a 2 bedroom is $1,201. The median West Melbourne resident is 40 years old with a yearly income of $33,736. The average family has 3.39 members and a median household income of $68,277. West Melbourne has a 34% higher education rate. The unemployment rate in West Melbourne is 3.8%.
26.8% of West Melbourne households are renters.
24.4% median household income spent on rent.
Bedrooms |
Brevard County 1 |
Florida 2 |
National 2 |
|---|---|---|---|
| Studio | $804 | $822 | $737 |
| 1 bedroom | $976 | $891 | $813 |
| 2 bedroom | $1,201 | $1,089 | $1,015 |
| 3 bedroom | $1,615 | $1,448 | $1,325 |
| 4 bedroom | $1,934 | $1,716 | $1,521 |
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