Topeka is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Topeka are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Topeka are slightly higher than the national average. Topeka 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 Topeka.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Topeka 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 | 6.58% - 6.82% |
| 7 Year Fixed | 6.34% - 6.58% |
| 10 Year Fixed | 6.28% - 6.52% |
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 | 5.74% - 5.84% |
| 7 Year Fixed | 5.79% - 5.89% |
| 10 Year Fixed | 5.77% - 5.87% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Topeka.
The city of Topeka in Shawnee County has a population of 125,310. The median rent in Shawnee County for a 2 bedroom is $853. The median Topeka resident is 38 years old with a yearly income of $29,319. The average family has 3.04 members and a median household income of $47,999. Topeka has a 29% higher education rate. The unemployment rate in Topeka is 4.7%.
43.7% of Topeka households are renters.
29.2% median household income spent on rent.
Bedrooms |
Shawnee County 1 |
Kansas 2 |
National 2 |
|---|---|---|---|
| Studio | $643 | $581 | $737 |
| 1 bedroom | $648 | $612 | $813 |
| 2 bedroom | $853 | $781 | $1,015 |
| 3 bedroom | $1,094 | $1,027 | $1,325 |
| 4 bedroom | $1,298 | $1,166 | $1,521 |
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