Garden City is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Garden City are considered greater risk due to market dynamics. Interest rates for multifamily loans in Garden City are higher than the national average. Garden City 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 Garden City.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Garden City 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 | 7.33% - 7.57% |
| 7 Year Fixed | 6.94% - 7.18% |
| 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 Garden City.
The city of Garden City in Finney County has a population of 26,408. The median rent in Finney County for a 2 bedroom is $828. The median Garden City resident is 31 years old with a yearly income of $30,262. The average family has 3.48 members and a median household income of $55,987. Garden City has a 17% higher education rate. The unemployment rate in Garden City is 3.9%.
40.3% of Garden City households are renters.
22.3% median household income spent on rent.
Bedrooms |
Finney County 1 |
Kansas 2 |
National 2 |
|---|---|---|---|
| Studio | $626 | $581 | $737 |
| 1 bedroom | $631 | $612 | $813 |
| 2 bedroom | $828 | $781 | $1,015 |
| 3 bedroom | $1,067 | $1,027 | $1,325 |
| 4 bedroom | $1,188 | $1,166 | $1,521 |
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