Moses Lake is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Moses Lake are considered greater risk due to market dynamics. Interest rates for multifamily loans in Moses Lake are higher than the national average. Moses Lake 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 Moses Lake.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Moses Lake 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 | 7.28% - 7.52% |
| 7 Year Fixed | 6.79% - 7.03% |
| 10 Year Fixed | 6.88% - 7.12% |
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 Moses Lake.
The city of Moses Lake in Grant County has a population of 24,086. The median rent in Grant County for a 2 bedroom is $870. The median Moses Lake resident is 32 years old with a yearly income of $25,940. The average family has 3.52 members and a median household income of $51,272. Moses Lake has a 22% higher education rate. The unemployment rate in Moses Lake is 6.0%.
44.5% of Moses Lake households are renters.
28.1% median household income spent on rent.
Bedrooms |
Grant County 1 |
Washington 2 |
National 2 |
|---|---|---|---|
| Studio | $574 | $801 | $737 |
| 1 bedroom | $704 | $904 | $813 |
| 2 bedroom | $870 | $1,138 | $1,015 |
| 3 bedroom | $1,245 | $1,591 | $1,325 |
| 4 bedroom | $1,375 | $1,874 | $1,521 |
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