Watertown is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Watertown are considered greater risk due to market dynamics. Interest rates for multifamily loans in Watertown are higher than the national average. Watertown 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 Watertown.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Watertown are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.68% - 6.92% |
| 7 Year Fixed | 6.44% - 6.68% |
| 10 Year Fixed | 6.48% - 6.72% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.89% - 5.99% |
| 7 Year Fixed | 5.94% - 6.04% |
| 10 Year Fixed | 5.92% - 6.02% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Watertown.
The city of Watertown in Jefferson County has a population of 24,838. The median rent in Jefferson County for a 2 bedroom is $1,139. The median Watertown resident is 32 years old with a yearly income of $22,140. The average family has 3.11 members and a median household income of $40,253. Watertown has a 21% higher education rate. The unemployment rate in Watertown is 7.5%.
56.7% of Watertown households are renters.
34.1% median household income spent on rent.
Bedrooms |
Jefferson County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $751 | $909 | $737 |
| 1 bedroom | $864 | $990 | $813 |
| 2 bedroom | $1,139 | $1,202 | $1,015 |
| 3 bedroom | $1,511 | $1,537 | $1,325 |
| 4 bedroom | $1,751 | $1,692 | $1,521 |
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