Odessa is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Odessa are considered greater risk due to market dynamics. Interest rates for multifamily loans in Odessa are higher than the national average. Odessa 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 Odessa.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Odessa 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 | 6.88% - 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 Odessa.
The city of Odessa in Ector County has a population of 123,334. The median rent in Ector County for a 2 bedroom is $1,319. The median Odessa resident is 31 years old with a yearly income of $32,439. The average family has 3.63 members and a median household income of $63,847. Odessa has a 19% higher education rate. The unemployment rate in Odessa is 6.0%.
40.3% of Odessa households are renters.
26.2% median household income spent on rent.
Bedrooms |
Ector County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $909 | $669 | $737 |
| 1 bedroom | $1,004 | $738 | $813 |
| 2 bedroom | $1,319 | $912 | $1,015 |
| 3 bedroom | $1,641 | $1,210 | $1,325 |
| 4 bedroom | $2,005 | $1,407 | $1,521 |
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