Corvallis is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Corvallis are considered greater risk due to market dynamics. Interest rates for multifamily loans in Corvallis are higher than the national average. Corvallis 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 Corvallis.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Corvallis 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 Corvallis.
The city of Corvallis in Benton County has a population of 58,856. The median rent in Benton County for a 2 bedroom is $1,309. The median Corvallis resident is 27 years old with a yearly income of $21,486. The average family has 2.73 members and a median household income of $52,942. Corvallis has a 59% higher education rate. The unemployment rate in Corvallis is 6.0%.
57.3% of Corvallis households are renters.
40.7% median household income spent on rent.
Bedrooms |
Benton County 1 |
Oregon 2 |
National 2 |
|---|---|---|---|
| Studio | $1,003 | $786 | $737 |
| 1 bedroom | $1,109 | $891 | $813 |
| 2 bedroom | $1,309 | $1,112 | $1,015 |
| 3 bedroom | $1,873 | $1,569 | $1,325 |
| 4 bedroom | $2,266 | $1,853 | $1,521 |
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