Marquette is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Marquette are considered greater risk due to market dynamics. Interest rates for multifamily loans in Marquette are higher than the national average. Marquette 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 Marquette.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Marquette 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 Marquette.
The city of Marquette in Marquette County has a population of 20,995. The median rent in Marquette County for a 2 bedroom is $895. The median Marquette resident is 29 years old with a yearly income of $20,219. The average family has 2.75 members and a median household income of $43,977. Marquette has a 44% higher education rate. The unemployment rate in Marquette is 6.8%.
51.6% of Marquette households are renters.
34% median household income spent on rent.
Bedrooms |
Marquette County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $591 | $607 | $737 |
| 1 bedroom | $679 | $678 | $813 |
| 2 bedroom | $895 | $855 | $1,015 |
| 3 bedroom | $1,113 | $1,118 | $1,325 |
| 4 bedroom | $1,493 | $1,238 | $1,521 |
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