Auburn is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Auburn are considered greater risk due to market dynamics. Interest rates for multifamily loans in Auburn are higher than the national average. Auburn 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 Auburn.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Auburn are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.19% - 7.93% |
| 7 Year Fixed | 7.10% - 7.61% |
| 10 Year Fixed | 7.01% - 7.41% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.78% - 7.02% |
| 7 Year Fixed | 6.72% - 6.96% |
| 10 Year Fixed | 6.68% - 6.92% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.99% - 7.73% |
| 7 Year Fixed | 6.90% - 7.41% |
| 10 Year Fixed | 6.81% - 7.21% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.39% - 6.49% |
| 7 Year Fixed | 6.43% - 6.53% |
| 10 Year Fixed | 6.37% - 6.47% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Auburn.
The city of Auburn in Lee County has a population of 66,259. The median rent in Lee County for a 2 bedroom is $885. The median Auburn resident is 25 years old with a yearly income of $20,985. The average family has 3.14 members and a median household income of $47,318. Auburn has a 58% higher education rate. The unemployment rate in Auburn is 4.4%.
54.4% of Auburn households are renters.
45.8% median household income spent on rent.
Bedrooms |
Lee County 1 |
Alabama 2 |
National 2 |
|---|---|---|---|
| Studio | $634 | $580 | $737 |
| 1 bedroom | $672 | $626 | $813 |
| 2 bedroom | $885 | $767 | $1,015 |
| 3 bedroom | $1,158 | $1,004 | $1,325 |
| 4 bedroom | $1,318 | $1,157 | $1,521 |
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