Garfield Heights is located in a good market for 5+ unit multifamily loans. Multifamily loans in Garfield Heights are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Garfield Heights are competitive. Garfield Heights 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 Garfield Heights.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Garfield Heights 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 $7.5M |
|---|---|
| 5 Year Fixed | 7.04% - 7.28% |
| 7 Year Fixed | 6.70% - 6.94% |
| 10 Year Fixed | 6.69% - 6.93% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 6.10% - 6.20% |
| 7 Year Fixed | 6.11% - 6.21% |
| 10 Year Fixed | 6.04% - 6.34% |
All major multifamily lender types are lending in Garfield Heights.
The city of Garfield Heights in Cuyahoga County has a population of 27,448. The median rent in Cuyahoga County for a 2 bedroom is $925. The median Garfield Heights resident is 39 years old with a yearly income of $26,438. The average family has 3.11 members and a median household income of $43,971. Garfield Heights has a 15% higher education rate. The unemployment rate in Garfield Heights is 9.0%.
37.7% of Garfield Heights households are renters.
39.1% median household income spent on rent.
Bedrooms |
Cuyahoga County 1 |
Ohio 2 |
National 2 |
|---|---|---|---|
| Studio | $640 | $597 | $737 |
| 1 bedroom | $754 | $662 | $813 |
| 2 bedroom | $925 | $834 | $1,015 |
| 3 bedroom | $1,216 | $1,084 | $1,325 |
| 4 bedroom | $1,271 | $1,205 | $1,521 |
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