Grants Pass is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Grants Pass are considered greater risk due to market dynamics. Interest rates for multifamily loans in Grants Pass are higher than the national average. Grants Pass 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 Grants Pass.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Grants Pass 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 Grants Pass.
The city of Grants Pass in Josephine County has a population of 38,170. The median rent in Josephine County for a 2 bedroom is $1,168. The median Grants Pass resident is 40 years old with a yearly income of $23,269. The average family has 2.86 members and a median household income of $44,185. Grants Pass has a 16% higher education rate. The unemployment rate in Grants Pass is 6.4%.
49.9% of Grants Pass households are renters.
36.1% median household income spent on rent.
Bedrooms |
Josephine County 1 |
Oregon 2 |
National 2 |
|---|---|---|---|
| Studio | $864 | $786 | $737 |
| 1 bedroom | $886 | $891 | $813 |
| 2 bedroom | $1,168 | $1,112 | $1,015 |
| 3 bedroom | $1,672 | $1,569 | $1,325 |
| 4 bedroom | $2,022 | $1,853 | $1,521 |
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