Northfield is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Northfield are considered greater risk due to market dynamics. Interest rates for multifamily loans in Northfield are higher than the national average. Northfield 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 Northfield.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Northfield are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.68% - 6.92% |
| 7 Year Fixed | 6.44% - 6.68% |
| 10 Year Fixed | 6.38% - 6.62% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.89% - 5.99% |
| 7 Year Fixed | 5.94% - 6.04% |
| 10 Year Fixed | 5.92% - 6.02% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Northfield.
The city of Northfield in Rice County has a population of 20,742. The median rent in Rice County for a 2 bedroom is $950. The median Northfield resident is 27 years old with a yearly income of $24,170. The average family has 2.93 members and a median household income of $70,148. Northfield has a 47% higher education rate. The unemployment rate in Northfield is 3.7%.
32.7% of Northfield households are renters.
28.6% median household income spent on rent.
Bedrooms |
Rice County 1 |
Minnesota 2 |
National 2 |
|---|---|---|---|
| Studio | $641 | $607 | $737 |
| 1 bedroom | $721 | $694 | $813 |
| 2 bedroom | $950 | $881 | $1,015 |
| 3 bedroom | $1,306 | $1,200 | $1,325 |
| 4 bedroom | $1,374 | $1,366 | $1,521 |
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