Prescott is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Prescott are considered greater risk due to market dynamics. Interest rates for multifamily loans in Prescott are higher than the national average. Prescott 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 Prescott.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Prescott 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 Prescott.
The city of Prescott in Yavapai County has a population of 44,299. The median rent in Yavapai County for a 2 bedroom is $1,107. The median Prescott resident is 58 years old with a yearly income of $28,887. The average family has 2.58 members and a median household income of $55,734. Prescott has a 38% higher education rate. The unemployment rate in Prescott is 5.9%.
32.8% of Prescott households are renters.
31.2% median household income spent on rent.
Bedrooms |
Yavapai County 1 |
Arizona 2 |
National 2 |
|---|---|---|---|
| Studio | $735 | $747 | $737 |
| 1 bedroom | $866 | $822 | $813 |
| 2 bedroom | $1,107 | $1,038 | $1,015 |
| 3 bedroom | $1,536 | $1,433 | $1,325 |
| 4 bedroom | $1,668 | $1,597 | $1,521 |
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