Mercer Island is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Mercer Island are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Mercer Island are some of the lowest nationally. Mercer Island apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Mercer Island.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mercer Island are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.74% - 7.48% |
| 7 Year Fixed | 6.70% - 7.21% |
| 10 Year Fixed | 6.71% - 7.11% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.77% - 7.01% |
| 7 Year Fixed | 6.55% - 6.79% |
| 10 Year Fixed | 6.59% - 6.83% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.54% - 7.28% |
| 7 Year Fixed | 6.50% - 7.01% |
| 10 Year Fixed | 6.51% - 6.91% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.95% - 6.05% |
| 7 Year Fixed | 5.96% - 6.06% |
| 10 Year Fixed | 5.89% - 6.29% |
All major multifamily lender types are lending in Mercer Island.
The city of Mercer Island in King County has a population of 25,894. The median rent in King County for a 2 bedroom is $2,076. The median Mercer Island resident is 46 years old with a yearly income of $70,156. The average family has 2.99 members and a median household income of $147,566. Mercer Island has a 78% higher education rate. The unemployment rate in Mercer Island is 4.0%.
31.3% of Mercer Island households are renters.
29.2% median household income spent on rent.
Bedrooms |
King County 1 |
Washington 2 |
National 2 |
|---|---|---|---|
| Studio | $1,659 | $801 | $737 |
| 1 bedroom | $1,741 | $904 | $813 |
| 2 bedroom | $2,076 | $1,138 | $1,015 |
| 3 bedroom | $2,903 | $1,591 | $1,325 |
| 4 bedroom | $3,421 | $1,874 | $1,521 |
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