Kankakee is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Kankakee are considered greater risk due to market dynamics. Interest rates for multifamily loans in Kankakee are higher than the national average. Kankakee 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 Kankakee.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Kankakee 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 Kankakee.
The city of Kankakee in Kankakee County has a population of 26,024. The median rent in Kankakee County for a 2 bedroom is $998. The median Kankakee resident is 35 years old with a yearly income of $21,241. The average family has 3.47 members and a median household income of $37,894. Kankakee has a 14% higher education rate. The unemployment rate in Kankakee is 6.9%.
52.4% of Kankakee households are renters.
44.2% median household income spent on rent.
Bedrooms |
Kankakee County 1 |
Illinois 2 |
National 2 |
|---|---|---|---|
| Studio | $676 | $599 | $737 |
| 1 bedroom | $757 | $669 | $813 |
| 2 bedroom | $998 | $840 | $1,015 |
| 3 bedroom | $1,344 | $1,100 | $1,325 |
| 4 bedroom | $1,474 | $1,238 | $1,521 |
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