Manhattan is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Manhattan are considered greater risk due to market dynamics. Interest rates for multifamily loans in Manhattan are higher than the national average. Manhattan 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 Manhattan.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Manhattan are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.91% - 6.92% |
| 7 Year Fixed | 5.82% - 7.04% |
| 10 Year Fixed | 5.84% - 7.08% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.03% - 6.18% |
| 7 Year Fixed | 6.09% - 6.24% |
| 10 Year Fixed | 6.09% - 6.24% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Manhattan.
The city of Manhattan in Riley County has a population of 54,604. The median rent in Riley County for a 2 bedroom is $964. The median Manhattan resident is 25 years old with a yearly income of $20,079. The average family has 3 members and a median household income of $50,537. Manhattan has a 52% higher education rate. The unemployment rate in Manhattan is 5.2%.
61% of Manhattan households are renters.
32.2% median household income spent on rent.
Bedrooms |
Riley County 1 |
Kansas 2 |
National 2 |
|---|---|---|---|
| Studio | $760 | $581 | $737 |
| 1 bedroom | $765 | $612 | $813 |
| 2 bedroom | $964 | $781 | $1,015 |
| 3 bedroom | $1,278 | $1,027 | $1,325 |
| 4 bedroom | $1,669 | $1,166 | $1,521 |
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