Ames is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Ames are considered greater risk due to market dynamics. Interest rates for multifamily loans in Ames are higher than the national average. Ames 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 Ames.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Ames are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.33% - 7.57% |
| 7 Year Fixed | 6.94% - 7.18% |
| 10 Year Fixed | 6.83% - 7.07% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Ames.
The city of Ames in Story County has a population of 66,258. The median rent in Story County for a 2 bedroom is $954. The median Ames resident is 23 years old with a yearly income of $17,161. The average family has 2.76 members and a median household income of $48,105. Ames has a 63% higher education rate. The unemployment rate in Ames is 5.8%.
59.3% of Ames households are renters.
38.7% median household income spent on rent.
Bedrooms |
Story County 1 |
Iowa 2 |
National 2 |
|---|---|---|---|
| Studio | $791 | $558 | $737 |
| 1 bedroom | $794 | $613 | $813 |
| 2 bedroom | $954 | $785 | $1,015 |
| 3 bedroom | $1,354 | $1,038 | $1,325 |
| 4 bedroom | $1,564 | $1,151 | $1,521 |
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