Duluth is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Duluth are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Duluth are slightly higher than the national average. Duluth 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 Duluth.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Duluth 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 | 6.84% - 7.08% |
| 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 Duluth.
The city of Duluth in St. Louis County has a population of 85,618. The median rent in St. Louis County for a 2 bedroom is $947. The median Duluth resident is 34 years old with a yearly income of $25,832. The average family has 2.84 members and a median household income of $52,463. Duluth has a 38% higher education rate. The unemployment rate in Duluth is 4.4%.
39.6% of Duluth households are renters.
34.1% median household income spent on rent.
Bedrooms |
St. Louis County 1 |
Minnesota 2 |
National 2 |
|---|---|---|---|
| Studio | $701 | $607 | $737 |
| 1 bedroom | $719 | $694 | $813 |
| 2 bedroom | $947 | $881 | $1,015 |
| 3 bedroom | $1,222 | $1,200 | $1,325 |
| 4 bedroom | $1,493 | $1,366 | $1,521 |
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