Chapel Hill is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Chapel Hill are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Chapel Hill are slightly higher than the national average. Chapel Hill 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 Chapel Hill.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Chapel Hill 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 | 7.18% - 7.42% |
| 7 Year Fixed | 6.82% - 7.06% |
| 10 Year Fixed | 6.73% - 6.97% |
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 | 6.25% - 6.35% |
| 7 Year Fixed | 6.26% - 6.36% |
| 10 Year Fixed | 6.19% - 6.39% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Chapel Hill.
The city of Chapel Hill in Orange County has a population of 64,051. The median rent in Orange County for a 2 bedroom is $1,218. The median Chapel Hill resident is 26 years old with a yearly income of $23,677. The average family has 3.07 members and a median household income of $73,614. Chapel Hill has a 77% higher education rate. The unemployment rate in Chapel Hill is 3.4%.
49.7% of Chapel Hill households are renters.
36.5% median household income spent on rent.
Bedrooms |
Orange County 1 |
North Carolina 2 |
National 2 |
|---|---|---|---|
| Studio | $1,044 | $694 | $737 |
| 1 bedroom | $1,046 | $713 | $813 |
| 2 bedroom | $1,218 | $871 | $1,015 |
| 3 bedroom | $1,604 | $1,152 | $1,325 |
| 4 bedroom | $1,843 | $1,386 | $1,521 |
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