Blacksburg is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Blacksburg are considered greater risk due to market dynamics. Interest rates for multifamily loans in Blacksburg are higher than the national average. Blacksburg 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 Blacksburg.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Blacksburg 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 $6M |
|---|---|
| 5 Year Fixed | 7.23% - 7.47% |
| 7 Year Fixed | 6.92% - 7.16% |
| 10 Year Fixed | 6.83% - 7.07% |
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® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Blacksburg.
The city of Blacksburg in Montgomery County has a population of 44,233. The median rent in Montgomery County for a 2 bedroom is $1,051. The median Blacksburg resident is 22 years old with a yearly income of $11,786. The average family has 2.97 members and a median household income of $43,173. Blacksburg has a 71% higher education rate. The unemployment rate in Blacksburg is 5.1%.
67.1% of Blacksburg households are renters.
60.4% median household income spent on rent.
Bedrooms |
Montgomery County 1 |
Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $854 | $833 | $737 |
| 1 bedroom | $922 | $897 | $813 |
| 2 bedroom | $1,051 | $1,072 | $1,015 |
| 3 bedroom | $1,504 | $1,423 | $1,325 |
| 4 bedroom | $1,820 | $1,680 | $1,521 |
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