Salinas is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Salinas are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Salinas are slightly higher than the national average. Salinas 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 Salinas.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Salinas 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 | 6.72% - 6.96% |
| 10 Year Fixed | 6.78% - 7.02% |
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 Salinas.
The city of Salinas in Monterey County has a population of 155,465. The median rent in Monterey County for a 2 bedroom is $1,951. The median Salinas resident is 31 years old with a yearly income of $25,201. The average family has 4.2 members and a median household income of $61,527. Salinas has a 13% higher education rate. The unemployment rate in Salinas is 4.9%.
55.2% of Salinas households are renters.
34.5% median household income spent on rent.
Bedrooms |
Monterey County 1 |
California 2 |
National 2 |
|---|---|---|---|
| Studio | $1,467 | $1,137 | $737 |
| 1 bedroom | $1,595 | $1,291 | $813 |
| 2 bedroom | $1,951 | $1,635 | $1,015 |
| 3 bedroom | $2,792 | $2,254 | $1,325 |
| 4 bedroom | $3,061 | $2,613 | $1,521 |
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