San Luis Obispo is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in San Luis Obispo are considered moderate risk due to market dynamics. Interest rates for multifamily loans in San Luis Obispo are slightly higher than the national average. San Luis Obispo apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in San Luis Obispo.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in San Luis Obispo 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 | 7.18% - 7.42% |
| 7 Year Fixed | 6.72% - 6.96% |
| 10 Year Fixed | 6.78% - 7.02% |
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 | 6.25% - 6.35% |
| 7 Year Fixed | 6.26% - 6.36% |
| 10 Year Fixed | 6.19% - 6.39% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in San Luis Obispo.
The city of San Luis Obispo in San Luis Obispo County has a population of 47,459. The median rent in San Luis Obispo County for a 2 bedroom is $1,795. The median San Luis Obispo resident is 27 years old with a yearly income of $25,503. The average family has 2.94 members and a median household income of $56,071. San Luis Obispo has a 50% higher education rate. The unemployment rate in San Luis Obispo is 3.7%.
61.2% of San Luis Obispo households are renters.
49.6% median household income spent on rent.
Bedrooms |
San Luis Obispo County 1 |
California 2 |
National 2 |
|---|---|---|---|
| Studio | $1,257 | $1,137 | $737 |
| 1 bedroom | $1,362 | $1,291 | $813 |
| 2 bedroom | $1,795 | $1,635 | $1,015 |
| 3 bedroom | $2,569 | $2,254 | $1,325 |
| 4 bedroom | $3,101 | $2,613 | $1,521 |
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