Bainbridge Island is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Bainbridge Island are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Bainbridge Island are slightly higher than the national average. Bainbridge Island 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 Bainbridge Island.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Bainbridge Island are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.53% - 5.77% |
| 7 Year Fixed | 5.17% - 5.41% |
| 10 Year Fixed | 5.18% - 5.42% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Bainbridge Island.
The city of Bainbridge Island in Kitsap County has a population of 25,298. The median rent in Kitsap County for a 2 bedroom is $1,587. The median Bainbridge Island resident is 50 years old with a yearly income of $54,297. The average family has 2.85 members and a median household income of $117,990. Bainbridge Island has a 72% higher education rate. The unemployment rate in Bainbridge Island is 3.1%.
20.6% of Bainbridge Island households are renters.
25.3% median household income spent on rent.
Bedrooms |
Kitsap County 1 |
Washington 2 |
National 2 |
|---|---|---|---|
| Studio | $1,047 | $801 | $737 |
| 1 bedroom | $1,225 | $904 | $813 |
| 2 bedroom | $1,587 | $1,138 | $1,015 |
| 3 bedroom | $2,226 | $1,591 | $1,325 |
| 4 bedroom | $2,573 | $1,874 | $1,521 |
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