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Multifamily Loans in
Watertown, NY

Overview

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.

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Watertown, NY

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Watertown are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.74% - 4.44%
7 Year Fixed 3.68% - 4.38%
10 Year Fixed 3.79% - 4.49%
Freddie Mac®
$1M to $6M
5 Year Fixed 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.78% - 4.02%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.34% - 4.04%
7 Year Fixed 3.28% - 3.98%
10 Year Fixed 3.39% - 4.09%
Freddie Mac®
$6M to $100M
5 Year Fixed 3.16% - 3.41%
7 Year Fixed 3.40% - 3.85%
10 Year Fixed 3.38% - 3.78%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/28/2021. This is not an offer or commitment to lend. Multifamily loan rates in Watertown may vary based on income, leverage and other factors. Fannie Mae is a registered trademark of Federal National Mortgage Association Corporation. Freddie Mac is a registered trademark of the Federal Home Loan Mortgage Corporation.

Get multifamily loan quotes for Nov 29, 2021


Multifamily Lenders in Watertown, NY

Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Watertown.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Moderate leverage
  • Tax returns not required
  • Non-recourse
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse

Get multifamily loan quotes for Nov 29, 2021


Watertown Market

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%.


Population
24,838 people

County
Jefferson County

Renters

56.7% of Watertown households are renters.


Rent Burden

34.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Watertown Demographics


Median Individual Income
$22,140 / year

Median Household Income
$40,253 / year

Families w/ Dual Incomes
47%

Unemployment Rate
7.5%
Household Income Distribution
Watertown, NY

Median Age
32 years

Avg Family Size
3.11 people
Age Distribution
Watertown, NY

College Education or Above
21%

STEM College Graduates
44%
Education Distribution
Watertown, NY
Source: U.S. Census Bureau

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