Palm City is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Palm City are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Palm City are slightly higher than the national average. Palm City 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 Palm City.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Palm 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 | 7.18% - 7.42% |
| 7 Year Fixed | 6.82% - 7.06% |
| 10 Year Fixed | 6.73% - 6.97% |
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 | 6.25% - 6.35% |
| 7 Year Fixed | 6.26% - 6.36% |
| 10 Year Fixed | 6.19% - 6.39% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Palm City.
The city of Palm City in Martin County has a population of 24,840. The median rent in Martin County for a 2 bedroom is $1,298. The median Palm City resident is 51 years old with a yearly income of $40,613. The average family has 3.09 members and a median household income of $84,711. Palm City has a 46% higher education rate. The unemployment rate in Palm City is 4.0%.
14.9% of Palm City households are renters.
29.3% median household income spent on rent.
Bedrooms |
Martin County 1 |
Florida 2 |
National 2 |
|---|---|---|---|
| Studio | $993 | $822 | $737 |
| 1 bedroom | $999 | $891 | $813 |
| 2 bedroom | $1,298 | $1,089 | $1,015 |
| 3 bedroom | $1,735 | $1,448 | $1,325 |
| 4 bedroom | $1,962 | $1,716 | $1,521 |
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