Florida Ridge is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Florida Ridge are considered greater risk due to market dynamics. Interest rates for multifamily loans in Florida Ridge are higher than the national average. Florida Ridge 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 Florida Ridge.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Florida Ridge 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 Florida Ridge.
The city of Florida Ridge in Indian River County has a population of 22,372. The median rent in Indian River County for a 2 bedroom is $1,117. The median Florida Ridge resident is 44 years old with a yearly income of $25,783. The average family has 3.89 members and a median household income of $48,946. Florida Ridge has a 19% higher education rate. The unemployment rate in Florida Ridge is 8.9%.
16.1% of Florida Ridge households are renters.
36.6% median household income spent on rent.
Bedrooms |
Indian River County 1 |
Florida 2 |
National 2 |
|---|---|---|---|
| Studio | $737 | $822 | $737 |
| 1 bedroom | $930 | $891 | $813 |
| 2 bedroom | $1,117 | $1,089 | $1,015 |
| 3 bedroom | $1,508 | $1,448 | $1,325 |
| 4 bedroom | $1,765 | $1,716 | $1,521 |
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