Commercial real estate lending in Madison County, NY
Madison County is home to 67,572 residents with a median household income of $73,141 and a 5.3% population decline over five years. Commercial deals here are underwritten to New York's typical standards — around 1.25x DSCR and 75% maximum LTV on stabilized assets — with pricing shaped by the county fundamentals below.
Market character
Colgate University gives Hamilton, in eastern Madison County, an outsized rental market relative to its size, while dairy farming and Thruway-corridor light industrial anchor the balance of the county's economy. Chittenango and Canastota carry the county's retail strips, and most commercial lending here runs small and agriculture-adjacent, with long-tenured local sponsors dominating the borrower pool.
Madison County by the numbers
| Population | 67,572 |
| 5-year population change | -5.3% |
| Median household income | $73,141 |
| Median age | 42.6 |
| Median home value | $176,800 |
| Median gross rent | $891/mo |
| Housing units | 30,676 |
| Renter-occupied share | 21.6% |
Source: U.S. Census Bureau, ACS 5-year estimates (2023).
Underwriting a Madison County deal
A Madison County property clears the same four constraints as any New York deal — 1.25x minimum DSCR and 75% maximum LTV on stabilized assets, an 8% debt-yield floor, and loan-to-cost caps on construction — with benchmark cap rates for NY spanning roughly 5.0% (multifamily) to 7.0% (hotel). The full state-by-asset-class table lives on the benchmarks page; run Madison County numbers through the loan sizer to see which constraint binds.
New York closing costs to budget
Financing in Madison County carries New York's mortgage recording tax — the single largest closing cost on most deals (up to 2.8% of the loan in NYC). Refinances routinely use a CEMA to pay tax only on new money. Estimate the full stack for a Madison County deal with the closing cost calculator or read the recording tax guide.
Financing a property in Madison County?
Relendi analyzes your deal against real underwriting criteria — DSCR, LTV, debt yield, and market benchmarks — in minutes.
Analyze my deal freeFrequently asked questions
What DSCR do lenders require in Madison County?
In Madison County — a market of 67,572 residents where median gross rent runs $891 a month — lenders apply New York's usual floors: typically 1.25x DSCR stabilized, 1.20x on acquisitions, 1.10x on bridge or construction. The county changes which lenders compete for the deal more than it changes the ratio.
What are typical commercial cap rates in Madison County?
Statewide New York benchmarks run roughly 5.0% for multifamily up to 7.0% for hotels; where Madison County deals price inside those bands depends on submarket, asset quality, and tenancy — in a county whose median home value is $176,800, residential-adjacent product tends to price toward the wider end. Individual comps set real pricing.