Phenix City is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Phenix City are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Phenix City are slightly higher than the national average. Phenix 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 Phenix City.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Phenix City are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.91% - 7.65% |
| 7 Year Fixed | 6.77% - 7.28% |
| 10 Year Fixed | 6.69% - 7.09% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.18% - 6.42% |
| 7 Year Fixed | 5.92% - 6.16% |
| 10 Year Fixed | 5.78% - 6.02% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.57% - 7.08% |
| 10 Year Fixed | 6.49% - 6.89% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.98% - 6.13% |
| 7 Year Fixed | 5.95% - 6.10% |
| 10 Year Fixed | 5.87% - 6.02% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Phenix City.
The city of Phenix City in Russell County has a population of 36,487. The median rent in Russell County for a 2 bedroom is $900. The median Phenix City resident is 34 years old with a yearly income of $25,307. The average family has 3.1 members and a median household income of $42,089. Phenix City has a 22% higher education rate. The unemployment rate in Phenix City is 7.2%.
49% of Phenix City households are renters.
33.2% median household income spent on rent.
Bedrooms |
Russell County 1 |
Alabama 2 |
National 2 |
|---|---|---|---|
| Studio | $697 | $580 | $737 |
| 1 bedroom | $775 | $626 | $813 |
| 2 bedroom | $900 | $767 | $1,015 |
| 3 bedroom | $1,209 | $1,004 | $1,325 |
| 4 bedroom | $1,558 | $1,157 | $1,521 |
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