Allendale is located in a good market for 5+ unit multifamily loans. Multifamily loans in Allendale are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Allendale are competitive. Allendale apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Allendale.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Allendale are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 7.04% - 7.28% |
| 7 Year Fixed | 6.70% - 6.94% |
| 10 Year Fixed | 6.69% - 6.93% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 6.10% - 6.20% |
| 7 Year Fixed | 6.11% - 6.21% |
| 10 Year Fixed | 6.04% - 6.34% |
All major multifamily lender types are lending in Allendale.
The city of Allendale in Ottawa County has a population of 21,672. The median rent in Ottawa County for a 2 bedroom is $989. The median Allendale resident is 21 years old with a yearly income of $12,426. The average family has 3.36 members and a median household income of $53,214. Allendale has a 36% higher education rate. The unemployment rate in Allendale is 7.4%.
46.9% of Allendale households are renters.
43% median household income spent on rent.
Bedrooms |
Ottawa County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $848 | $607 | $737 |
| 1 bedroom | $868 | $678 | $813 |
| 2 bedroom | $989 | $855 | $1,015 |
| 3 bedroom | $1,377 | $1,118 | $1,325 |
| 4 bedroom | $1,515 | $1,238 | $1,521 |
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