Fort Myers is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Fort Myers are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Fort Myers are slightly higher than the national average. Fort Myers 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 Fort Myers.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Fort Myers 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 Fort Myers.
The city of Fort Myers in Lee County has a population of 87,103. The median rent in Lee County for a 2 bedroom is $1,282. The median Fort Myers resident is 41 years old with a yearly income of $25,961. The average family has 3.34 members and a median household income of $46,409. Fort Myers has a 30% higher education rate. The unemployment rate in Fort Myers is 5.4%.
50.4% of Fort Myers households are renters.
35.5% median household income spent on rent.
Bedrooms |
Lee County 1 |
Florida 2 |
National 2 |
|---|---|---|---|
| Studio | $997 | $822 | $737 |
| 1 bedroom | $1,019 | $891 | $813 |
| 2 bedroom | $1,282 | $1,089 | $1,015 |
| 3 bedroom | $1,670 | $1,448 | $1,325 |
| 4 bedroom | $1,887 | $1,716 | $1,521 |
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