Ellensburg is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Ellensburg are considered greater risk due to market dynamics. Interest rates for multifamily loans in Ellensburg are higher than the national average. Ellensburg 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 Ellensburg.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Ellensburg 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 | 5.63% - 5.87% |
| 7 Year Fixed | 5.24% - 5.48% |
| 10 Year Fixed | 5.28% - 5.52% |
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 | 5.70% - 5.85% |
| 7 Year Fixed | 5.71% - 5.86% |
| 10 Year Fixed | 5.71% - 5.86% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Ellensburg.
The city of Ellensburg in Kittitas County has a population of 21,111. The median rent in Kittitas County for a 2 bedroom is $1,042. The median Ellensburg resident is 24 years old with a yearly income of $15,787. The average family has 3.11 members and a median household income of $39,645. Ellensburg has a 38% higher education rate. The unemployment rate in Ellensburg is 7.4%.
65.6% of Ellensburg households are renters.
46% median household income spent on rent.
Bedrooms |
Kittitas County 1 |
Washington 2 |
National 2 |
|---|---|---|---|
| Studio | $687 | $801 | $737 |
| 1 bedroom | $791 | $904 | $813 |
| 2 bedroom | $1,042 | $1,138 | $1,015 |
| 3 bedroom | $1,491 | $1,591 | $1,325 |
| 4 bedroom | $1,804 | $1,874 | $1,521 |
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