Vero Beach South is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Vero Beach South are considered greater risk due to market dynamics. Interest rates for multifamily loans in Vero Beach South are higher than the national average. Vero Beach South 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 Vero Beach South.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Vero Beach South 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 | 7.23% - 7.47% |
| 7 Year Fixed | 6.92% - 7.16% |
| 10 Year Fixed | 6.83% - 7.07% |
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 | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Vero Beach South.
The city of Vero Beach South in Indian River County has a population of 23,333. The median rent in Indian River County for a 2 bedroom is $1,117. The median Vero Beach South resident is 50 years old with a yearly income of $25,811. The average family has 3.31 members and a median household income of $55,085. Vero Beach South has a 25% higher education rate. The unemployment rate in Vero Beach South is 5.1%.
22% of Vero Beach South households are renters.
32.9% median household income spent on rent.
Bedrooms |
Indian River County 1 |
Florida 2 |
National 2 |
|---|---|---|---|
| Studio | $737 | $822 | $737 |
| 1 bedroom | $930 | $891 | $813 |
| 2 bedroom | $1,117 | $1,089 | $1,015 |
| 3 bedroom | $1,508 | $1,448 | $1,325 |
| 4 bedroom | $1,765 | $1,716 | $1,521 |
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