East Orange is located in a strong market for 5+ unit multifamily loans. Multifamily loans in East Orange are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in East Orange are some of the lowest nationally. East Orange 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 East Orange.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in East Orange are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.38% - 7.12% |
| 7 Year Fixed | 6.40% - 6.91% |
| 10 Year Fixed | 6.45% - 6.85% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.32% - 6.56% |
| 7 Year Fixed | 6.43% - 6.67% |
| 10 Year Fixed | 6.39% - 6.63% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.18% - 6.92% |
| 7 Year Fixed | 6.20% - 6.71% |
| 10 Year Fixed | 6.25% - 6.65% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.44% - 5.54% |
| 7 Year Fixed | 5.49% - 5.59% |
| 10 Year Fixed | 5.47% - 5.57% |
All major multifamily lender types are lending in East Orange.
The city of East Orange in Essex County has a population of 64,367. The median rent in Essex County for a 2 bedroom is $1,776. The median East Orange resident is 35 years old with a yearly income of $27,319. The average family has 3.59 members and a median household income of $48,072. East Orange has a 20% higher education rate. The unemployment rate in East Orange is 12.6%.
74.4% of East Orange households are renters.
33.9% median household income spent on rent.
Bedrooms |
Essex County 1 |
New Jersey 2 |
National 2 |
|---|---|---|---|
| Studio | $1,221 | $1,166 | $737 |
| 1 bedroom | $1,468 | $1,353 | $813 |
| 2 bedroom | $1,776 | $1,671 | $1,015 |
| 3 bedroom | $2,265 | $2,131 | $1,325 |
| 4 bedroom | $2,700 | $2,445 | $1,521 |
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