Albany is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Albany are considered greater risk due to market dynamics. Interest rates for multifamily loans in Albany are higher than the national average. Albany 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 Albany.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Albany 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 | 5.91% - 6.92% |
| 7 Year Fixed | 5.82% - 7.04% |
| 10 Year Fixed | 5.84% - 7.08% |
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 | 6.03% - 6.18% |
| 7 Year Fixed | 6.09% - 6.24% |
| 10 Year Fixed | 6.09% - 6.24% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Albany.
The city of Albany in Dougherty County has a population of 72,130. The median rent in Dougherty County for a 2 bedroom is $814. The median Albany resident is 34 years old with a yearly income of $20,954. The average family has 3.22 members and a median household income of $36,615. Albany has a 20% higher education rate. The unemployment rate in Albany is 13.7%.
59.6% of Albany households are renters.
33% median household income spent on rent.
Bedrooms |
Dougherty County 1 |
Georgia 2 |
National 2 |
|---|---|---|---|
| Studio | $668 | $670 | $737 |
| 1 bedroom | $690 | $698 | $813 |
| 2 bedroom | $814 | $840 | $1,015 |
| 3 bedroom | $1,054 | $1,103 | $1,325 |
| 4 bedroom | $1,215 | $1,302 | $1,521 |
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