Gadsden is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Gadsden are considered greater risk due to market dynamics. Interest rates for multifamily loans in Gadsden are higher than the national average. Gadsden 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 Gadsden.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Gadsden 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 Gadsden.
The city of Gadsden in Etowah County has a population of 35,000. The median rent in Etowah County for a 2 bedroom is $771. The median Gadsden resident is 40 years old with a yearly income of $20,004. The average family has 3.27 members and a median household income of $32,642. Gadsden has a 15% higher education rate. The unemployment rate in Gadsden is 7.5%.
41.4% of Gadsden households are renters.
33.3% median household income spent on rent.
Bedrooms |
Etowah County 1 |
Alabama 2 |
National 2 |
|---|---|---|---|
| Studio | $598 | $580 | $737 |
| 1 bedroom | $602 | $626 | $813 |
| 2 bedroom | $771 | $767 | $1,015 |
| 3 bedroom | $970 | $1,004 | $1,325 |
| 4 bedroom | $1,077 | $1,157 | $1,521 |
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