Spokane is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Spokane are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Spokane are slightly higher than the national average. Spokane 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 Spokane.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Spokane 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 Spokane.
The city of Spokane in Spokane County has a population of 222,081. The median rent in Spokane County for a 2 bedroom is $1,067. The median Spokane resident is 36 years old with a yearly income of $27,723. The average family has 2.94 members and a median household income of $50,306. Spokane has a 31% higher education rate. The unemployment rate in Spokane is 5.9%.
44.8% of Spokane households are renters.
31.1% median household income spent on rent.
Bedrooms |
Spokane County 1 |
Washington 2 |
National 2 |
|---|---|---|---|
| Studio | $714 | $801 | $737 |
| 1 bedroom | $820 | $904 | $813 |
| 2 bedroom | $1,067 | $1,138 | $1,015 |
| 3 bedroom | $1,527 | $1,591 | $1,325 |
| 4 bedroom | $1,821 | $1,874 | $1,521 |
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