Oak Harbor is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Oak Harbor are considered greater risk due to market dynamics. Interest rates for multifamily loans in Oak Harbor are higher than the national average. Oak Harbor 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 Oak Harbor.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Oak Harbor 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 Oak Harbor.
The city of Oak Harbor in Island County has a population of 23,565. The median rent in Island County for a 2 bedroom is $1,177. The median Oak Harbor resident is 30 years old with a yearly income of $32,168. The average family has 3.11 members and a median household income of $55,647. Oak Harbor has a 24% higher education rate. The unemployment rate in Oak Harbor is 5.6%.
56.3% of Oak Harbor households are renters.
31.4% median household income spent on rent.
Bedrooms |
Island County 1 |
Washington 2 |
National 2 |
|---|---|---|---|
| Studio | $914 | $801 | $737 |
| 1 bedroom | $920 | $904 | $813 |
| 2 bedroom | $1,177 | $1,138 | $1,015 |
| 3 bedroom | $1,684 | $1,591 | $1,325 |
| 4 bedroom | $2,038 | $1,874 | $1,521 |
We're here to help.