Mason City is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Mason City are considered greater risk due to market dynamics. Interest rates for multifamily loans in Mason City are higher than the national average. Mason 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 Mason City.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mason 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 Mason City.
The city of Mason City in Cerro Gordo County has a population of 26,931. The median rent in Cerro Gordo County for a 2 bedroom is $814. The median Mason City resident is 43 years old with a yearly income of $30,644. The average family has 2.75 members and a median household income of $50,397. Mason City has a 21% higher education rate. The unemployment rate in Mason City is 5.1%.
35.7% of Mason City households are renters.
27.5% median household income spent on rent.
Bedrooms |
Cerro Gordo County 1 |
Iowa 2 |
National 2 |
|---|---|---|---|
| Studio | $537 | $558 | $737 |
| 1 bedroom | $618 | $613 | $813 |
| 2 bedroom | $814 | $785 | $1,015 |
| 3 bedroom | $1,054 | $1,038 | $1,325 |
| 4 bedroom | $1,271 | $1,151 | $1,521 |
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