North Salt Lake is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in North Salt Lake are considered moderate risk due to market dynamics. Interest rates for multifamily loans in North Salt Lake are slightly higher than the national average. North Salt Lake apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in North Salt Lake.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in North Salt Lake 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 | 5.98% - 6.13% |
| 7 Year Fixed | 6.04% - 6.19% |
| 10 Year Fixed | 6.04% - 6.19% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in North Salt Lake.
The city of North Salt Lake in Davis County has a population of 20,948. The median rent in Davis County for a 2 bedroom is $1,085. The median North Salt Lake resident is 30 years old with a yearly income of $37,883. The average family has 3.44 members and a median household income of $85,185. North Salt Lake has a 44% higher education rate. The unemployment rate in North Salt Lake is 2.5%.
27.4% of North Salt Lake households are renters.
26.9% median household income spent on rent.
Bedrooms |
Davis County 1 |
Utah 2 |
National 2 |
|---|---|---|---|
| Studio | $766 | $659 | $737 |
| 1 bedroom | $863 | $743 | $813 |
| 2 bedroom | $1,085 | $922 | $1,015 |
| 3 bedroom | $1,522 | $1,250 | $1,325 |
| 4 bedroom | $1,814 | $1,497 | $1,521 |
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